Sanlam, one of the country's largest insurers, plans to sell a further 5% stake in the business, worth about R7-billion, by the end of this year to a black investment consortium led by Patrice Motsepe, further entrenching one of South Africa's most prominent businessman's diversification away from mining and into the financial services sector. Ian Kirk, Sanlam CEO, told Business Times this week that the insurer wanted to increase its empowerment shareholding to 19%, adding that the deal would have to be broader than previous incarnations. The partnership with Motsepe "... has been very successful for us, so he must control the whole thing ... but it must be broader", Kirk said. "It was our intent to do an additional 5%. Now in terms of the rules, that needs to be a bit broader, you can't just do it with Patrice and ARC [African Rainbow Capital]. But we don't want a whole lot of partners, we want Patrice. Anything that is being done is being done on the Sanlam side. Patrice is not dr...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.