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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Frontier Services Group Limited    500   BMG3729C1001

FRONTIER SERVICES GROUP LIMITED

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Blackwater founder Prince's company enters Congo insurance industry

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03/10/2020 | 03:04am EDT

The Democratic Republic of Congo has granted an insurance licence to a subsidiary of Hong-Kong-listed Frontier Services Group (FSG), a security and logistics company run by Erik Prince, the founder of private security firm Blackwater.

Prince, who renamed Blackwater and sold it in 2010 after several of its employees were indicted on unlawful killing charges related to their work during the Iraq War, has run FSG since 2014. The company has a subsidiary in Congo with a mandate to extract and sell minerals and work in security.

He has also been active pitching projects in countries around the world, including Venezuela, where he floated a plan last year to deploy a private army to help the opposition topple President Nicolas Maduro, sources told Reuters.

Congo's Insurance Regulation and Control Authority (ARCA) issued a licence to Global Pionner Assurance, majority-owned by FSG's Congo subsidiary, ARCA said in a statement seen by Reuters on Monday.

It also authorised licences to subsidiaries of Kenya's Mayfair Insurance and pan-African Sunu Group, as well as three insurance brokerage firms, as part of an initiative to liberalise Congo's insurance sector.

FSG did not immediately respond to a request for comment. The company has close ties to state-owned Chinese investment firm CITIC and provides services to Chinese firms operating in Africa.

(Reporting and writing by Hereward Holland; Editing by Aaron Ross and Stephen Coates)

By Hereward Holland

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Financials
Sales 2019 726 M 93,7 M 93,7 M
Net income 2019 -355 M -45,8 M -45,8 M
Net cash 2019 280 M 36,1 M 36,1 M
P/E ratio 2019 -4,63x
Yield 2019 -
Capitalization 914 M 118 M 118 M
EV / Sales 2018 2,61x
EV / Sales 2019 1,88x
Nbr of Employees -
Free-Float 40,0%
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Managers
NameTitle
Dong Yi Hua Chief Executive Officer & Executive Director
Zhen Ming Chang Chairman
King Yu Leung Chief Financial Officer
Chun Shun Ko Deputy Chairman
Ning Luo Deputy Chairman
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