SAHAM FINANCES STAKE
Sanlam duo top up on African insurer
Sanlam and short-term insurance subsidiary Santam have bought a further 16.6% stake in Morocco’s Saham Finances for $329m (about R4.5bn).The deal, which was announced by Sanlam on Wednesday, will expand Sanlam Emerging Markets’ and Santam’s joint shareholding in Saham, which it first bought into in February, to 46.6%.Sanlam would not comment on plans to buy more shares in Saham. However, CEO Ian Kirk said in a statement the two groups together held strong potential to deliver a better performance to shareholders."Besides offering further minority protection, increasing our shareholding in Saham to 46.6% shows our commitment towards cementing a stronger strategic partnership."Saham, which mostly writes nonlife insurance, operates in 26 countries across the Middle East and North, West and East Africa. Sanlam’s existing 30% share has already contributed significantly to its bottom line. In its operational update for the 10 months to October, Sanlam — without specifying numbers — said n...
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