Fairfax bullish on SA and has cash to deploy
The insurance company says it wants investments that would give it control or significant influence
Fairfax Financial Holdings, a Canadian-based investment holdings business with predominantly insurance and reinsurance assets, says it has $500m to deploy in Africa. The group, listed on the Toronto Stock Exchange and led by billionaire Prem Watsa, is also bullish on SA. "We happen to be really quite optimistic about SA. We take a long-term view and we believe SA is uniquely positioned," said Mark Cloutier, a Fairfax representative and incoming chairman of Bryte Insurance, formerly Zurich Insurance Company SA. Fairfax raised the $500m in equity capital (housed under Fairfax Africa) via an initial public offer for subordinate voting shares, private placements and a commitment from its parent, Fairfax Financial. Fairfax Africa would seek investments with a view to acquiring control or significant positions of influence, the group said. Its investment objective was to achieve long-term capital growth by investing in debt and equity instruments of businesses primarily conducted in Afric...
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