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South Africa : SAHAM Group Sells its Insurance Business to South-Africas Sanlam.

South-African group Sanlam, SAHAMs partner since February 2016, will increase its stake in the capital of SAHAM Groups insurance subsidiary, from 46.6% to 100%, Saham Group announced on Thursday.

Listed on the Johannesburg Securities Exchange, Sanlam is a leading Pan-African financial services group with a market capitalization of over US$16 billion. The Group intends to strengthen its position on the continent with this transaction.

SAHAMs insurance business, which started its strategic development in Africa in 2010, is now present in 26 countries through 35 insurance companies.

The acquisition amounts to 1.05 billion dollars, the source said. SAHAM group attracted a total of $ 1.7 billion of foreign investments to Morocco since 2012, largely through its partnership with Sanlam.

In order to fast-track its transformation into an investment fund, SAHAM group has simplified its shareholding structure by buying out French group Wendels shares. The partnership with Wendel was instrumental in increasing the groups diversification since 2013.

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Publication:Mena Report
Geographic Code:6SOUT
Date:Mar 9, 2018
Words:171
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