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14 December 2016
Sanlam and its short-term insurance subsidiary, Santam, first acquired a 30% stake in SAHAM Finances S.A. (SAHAM Finances) in February 2016.
SAHAM Finances is an insurance group with operations in 26 countries across North, West and East Africa as well as in the Middle East. It writes mainly non-life business (exceeding 80% of its portfolio) through its 61 subsidiaries and has a network of 700 branches with a staff complement of more than 3 000 people.
SAHAM Finances is one of the largest insurers in Africa, and the market leader in most of the countries in which it operates, showing good structural growth.
Sanlam Group’s Chief Executive Officer, Mr Ian Kirk says the partnership with the Saham Group has developed and strengthened within a short period of time. “We have always held the view that there are strong synergies between the Sanlam and SAHAM Groups. Besides offering further minority protection, increasing our shareholding in Saham to 46.6% shows our commitment towards cementing a stronger strategic partnership in which we can collectively unlock additional synergies to mutual benefit.”
Commenting on the transaction, the CEO of SAHAM Finances, Mr Raymond Farhat, said: “We are pleased to strengthen the strategic partnership between our two institutions to pool our skills and network across Africa.”
The agreement for the acquisition of a further 16.6% stake in SAHAM Finances is subject to the fulfilment of certain conditions, including regulatory approvals, and the transaction is expected to be completed in the second quarter of 2017.
Read SENS announcement
A joint Sanlam Limited/Santam Limited conference call for analysts, investors and the media will take place at 17h00 (South African time) today. Investors and media who wish to participate in the conference call should dial the numbers indicated below.
A toll free dial-in facility will be available. We kindly advise callers to dial in 5 to 10 minutes before the conference call starts at 17h00.
Recorded playback will be available for three days after the conference call.
Access code for recorded playback: 55109#