Santam to buy Indwe from Sanlam and ARC Financial Services
Santam takes full ownership of Indwe with R125m related-party transaction with parent Sanlam and its B-BBEE partner ARC Financial Services
Santam has reached an agreement to buy the 76% of brokerage firm Indwe Broker Holdings it does not already own from Sanlam Life Insurance and Patrice Motsepe's African Rainbow Capital (ARC) Financial Services.
ARC Financial Services owns 51% of Indwe while Sanlam holds 25% with the remaining 24% held by Santam. ARC Financial Services is a subsidiary of African Rainbow Capital and Ubuntu-Botho Investments (UBI). The latter is a shareholder of Sanlam and is also its broad-based BEE partner. Santam is in turn a subsidiary of Sanlam, which holds about 59% of its shares...