Rabat – Saham Finance, headed by Moulay Hafid Elalamy, has concluded an agreement to sell 53.37 percent of its remaining shares to the South African insurance giant Sanlam for USD 1.05 billion.
Sanlam is a South African life insurance company that previously owned 46.63 percent of Saham Finance.Sanlam and its general insurance subsidiary Santam, first bought 30 percent of stakes in Saham Finances in February 2016, and later increased shares by 16.63 percent in May 2017.
The acquisition of Saham Finance increases Sanlam’s direct presence in sub-Saharan and North Africa, and boosts Sanlam’s exposure to high-growth markets, as well as general insurance products, the company said.
The deal will be funded by a combination of available capital, debt facilities, and the issuance of equity instruments, Sanlam and Santam said in a joint statement.
Sanlam is a South African financial services group founded in 1918, headquartered in Cape Town, and listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange. Over the years, the group has evolved from a traditional insurer to a diversified financial services provider with local and international footprints.