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Cape Town

Sanlam seals largest deal yet in growth drive

News24
11 Oct 2018, 18:37 GMT+10

Sanlam [JSE:SLM] said it fulfilled all the conditions for the $1.1bn purchase of the shares it doesn't already own in Morocco's Saham Finances SA after regulators approved the deal.

The Cape Town-firm's biggest acquisition yet deepens Sanlam's presence in 33 markets across North Africa, the Middle East, southern, East and West Africa.

Sanlam's acquisition of the remaining 53.37% of Saham Finances, announced in March, brings its total investment in the company to almost $1.7bn since February 2016.

"The African presence of the combined group is unparalleled in the industry," Junior Ngulube, chief executive officer of Sanlam Emerging Markets, said in an emailed statement.

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