Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

South African insurer Sanlam seals $1 billion deal for Morocco's SAHAM

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/11/2018 | 08:25am EDT

JOHANNESBURG (Reuters) - South Africa's biggest insurer Sanlam has sealed a $1.1 billion deal to acquire the remaining 53.37 percent stake in Moroccan insurance firm SAHAM Finances after receiving regulatory approvals, it said on Thursday.

SAHAM Finances is Sanlam's biggest acquisition yet, and expands its presence to 33 countries across Africa. The conclusion of the deal cements its presence in north Africa.

Sanlam Emerging Markets Ireland Ltd (SEMIL), a unit of Sanlam in a joint-venture with South African insurer Santam Ltd, had acquired a 30 percent stake in SAHAM Finances in 2016. The joint-venture unit increased its stake to 46.6 percent the following year.

Since its establishment in Morocco in 1995 as a subsidiary of SAHAM Group, which also owns health, food and distribution interests, SAHAM Finances has expanded rapidly.

It had consolidated net assets worth $850 million and earnings of $77.4 million for the year by the end of last year.

(Reporting by Nqobile Dludla; Editing by James Macharia)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
01:41aSaudi Energy Minister hopes OPEC agrees to extend production cut 'early July'
RE
06/15Venezuela's Guaido asks Jamaica not to seize PDVSA refinery shares
RE
06/15Target says registers back online, blames outage on technology issue
RE
06/15ECB will act if inflation expectations are de-anchored - de Guindos
RE
06/15IMF proposes improvements to EU plan to develop capital market
RE
06/15MARKET SNAPSHOT: The Fed May Break A Lot Of Stock-market Investors' Hearts Next Week
DJ
06/15Country-specific euro zone risks remain 'very serious' - IMF
RE
06/15AFRICAN DEVELOPMENT BANK : Final communique of the fifty-fourth annual meeting of the board of governors of the african development bank (adb) and the forty-fifth annual meeting of the board of governors of the african development fund (adf)
PU
06/15TAKE FIVE : The Fed and the rest
RE
06/15Russia's Oreshkin says central bank's new 2019 inflation forecast too high
RE
Latest news "Economy & Forex"
Advertisement