Sanlam ready to go ahead with BEE deal after buying Saham in Morocco
Sanlam CEO Ian Kirk says the deal will help Sanlam restore its capital reserves to between R2bn and R3bn
Sanlam is ready to press ahead with the sale of a 5% stake to black investors as the insurer nears the finish line with its purchase of Morocco’s Saham Finances SA. The financial services group announced on Thursday that it had satisfied all conditions to proceed with its plan to snatch up the shares of Saham Finances it does not already own, for $1.1bn. The acquisition, its biggest to date, will make the company the largest insurer in Africa by geographical spread, with operations spanning 34 countries offering life, general and specialist cover. After raising capital to finance part of the deal in March, Sanlam decided to hold off issuing further shares to fund the rest as it sought regulatory approval. With that in the bag, “we will proceed on the BEE deal,” CEO Ian Kirk said by phone. The deal will help Sanlam restore its capital reserves to between R2bn and R3bn, Kirk said. Ubuntu Botho, a black investment consortium lead by billionaire Patrice Motsepe, is Sanlam’s anchor empow...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.