Sanlam’s profits likely to plunge after B-BBEE transaction
The group had issued about 111-million shares at a price of R70 per share to a special-purpose vehicle in early 2019
06 March 2020 - 12:44
SA's biggest insurer Sanlam said on Friday that profits for its year to end-December could fall by as much as a quarter, partially due to the recognition of a R1.7bn expense related to a BEE transaction.
The group had issued about 111-million shares at a price of R70 per share to a special-purpose vehicle in early 2019, saying on Friday that that had resulted in a one-off expense of R1.7bn...
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