RH Bophelo Limited (JSE:RHB) entered into Sale of Shares and Claims agreement to acquire 25% stake in GENRIC Insurance Company Ltd from IM Investments Proprietary Limited and Borman Consulting And Investments Proprietary Limited and others for ZAR 52.5 million on September 6, 2019. The consideration of ZAR 45 million will be financed through RH Bophelo’s existing cash resources and RH Bophelo will acquire an interest bearing shareholders loan of ZAR 7.5 million for financing the transaction. Deloitte & Touche Sponsor Services Proprietary Limited is acting as sponsor to RH Bophelo Limited. As of June 2019 GENRIC Insurance Company Ltd reported net asset value of approximately ZAR 115 million. The transaction is subject to approval of the Competition Commission the Prudential Authority and the Financial Sector Conduct Authority, the board of directors of GENRIC. The transaction is expected to close on or before November 30, 2019. Motsoeneng Bill Attorneys Incorporated acted as legal advisor for RH Bophelo Limited. RH Bophelo Limited (JSE:RHB) completed the acquisition of 25% stake in GENRIC Insurance Company Ltd from IM Investments Proprietary Limited and Borman Consulting And Investments Proprietary Limited and others on March 13, 2020.