EMPOWERMENT TRANSACTION
ARC seals deal worth R753m
Patrice Motsepe’s African Rainbow Capital (ARC) has clinched its latest deal in the financial services sector, with shareholders of the Alexander Forbes’ group approving its R753m bid to buy its African operations. On Friday, these shareholders approved ARC’s deal to buy 10% of Alexander Forbes Limited, the vehicle in which the retirement administrator holds its African operations, which delivered R475m in profits to the group in its last financial year. Alexander Forbes CEO Andrew Darfoor said on Friday any conflicts of interest between ARC co-CEO Johan van Zyl, who will take over as chairman of the Sanlam board in June 2017, will be managed appropriately. Sanlam operates an employee benefits business, a direct rival to some of Alexander Forbes’ units. "We are a commercial partner with Sanlam across a number of business areas," said Darfoor. "In relation to Dr Van Zyl — we welcome and value his future contribution to our strategic agenda alongside that of ARC. Where clear conflicts...
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