(CAJ News) – SANLAM and its short-term insurance subsidiary, Santam, will increase their stake in Morocco-based SAHAM Finances to 46,6 percent for US$329 million.
The stake is currently 30 percent.
Chief Executive Officer of SAHAM Finances, Raymond Farhat, says the company is pleased to strengthen its strategic partnership between the two institutions to pool their skills and network across Africa.
SAHAM Finances is an insurance group with operations in 26 countries across North, West and East Africa as well as in the Middle East.
SAHAM Finances is one of the largest insurers in Africa, and the market leader in most of the countries in which it operates.
Sanlam Chief Executive Officer, 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,” says Kirk.
The agreement for the acquisition of a further 16,6 percent 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.
