JOHANNESBURG - Financial services group Sanlam yesterday announced that a subsidiary of its joint venture with insurer Santam would buy the remaining 53.37percent stake in insurance company Saham Finances for $1.05billion (R12.44bn). The transaction enables Sanlam to entrench its direct presence in north Africa, Francophone west Africa and Portuguese-speaking Southern African countries. “The acquisition of 100percent of Saham Finances enables Sanlam to have a meaningful presence across sub-Saharan and North Africa, and is a natural extension of Sanlam’s stated strategy. Saham Finances’ overall performance has been in line with the original business case which was put forward when the initial acquisition of a 30percent interest in Saham Finances was considered, and the Saham Finances’ management teams are working well with the Sanlam and Santam support teams. In terms of the deal, Sanlam Emerging Markets Ireland Limited (Semil) would increase its stake in Saham Finances from 46.6percent to 100percent.

Source: The North Africa Journal March 09, 2018 06:00 UTC