Sanlam gets preliminary approval to buy controlling stake in AfroCentric
Total of 46.4% of AfroCentric’s shareholders back offer by Africa’s largest insurer
14 February 2023 - 19:10
Africa’s largest insurer Sanlam, which has offered to buy a controlling stake in AfroCentric, said on Tuesday it had received preliminary approval from the latter’s shareholders.
Shareholders representing 46.4% of AfroCentric’s issued shares have backed the proposed deal, exceeding the required minimum share percentage of 36.9%. However, there are still other outstanding conditions to be fulfilled for the partial offer to be deemed wholly unconditional...
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