Sanlam unveils new multi-billion BEE deal
The financial services company will sell 5% of its issued shares to new and existing BBBEE shareholders
Sanlam has unveiled a multi-billion rand two-pronged broad-based BEE (BBBEE) transaction, which the financial services group says will broaden the base of beneficiaries. Sanlam will sell 5% of its issued shares to new and existing BBBEE shareholders in a proposed deal that is worth between R7.4bn and R8.6bn. The targeted new beneficiaries include: Sanlam employees; professional black women; rural and urban poor black women groups; black youth; black business partners; and broad-based black groups. Sanlam said on Wednesday that it would create what it calls a master trust to cater to 80% of the intended beneficiaries. The existing anchor empowerment shareholder, Ubuntu-Botho, will benefit from the remaining 20%. Ubuntu-Botho will take the lead and control of the process of selecting the participants and beneficiaries of the beneficiary trusts. Sanlam will also propose empowerment participants and beneficiaries for Ubuntu-Botho’s consideration. The subscription for shares will be dete...
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