San Jv (Rf) (Pty) Ltd. agreed to acquire 22.8% stake in SAHAM Assurance S.A. (CBSE:SAH) from Said Alj, Sanam Holdings S.A. and First Commercial Estate Company S.A.R.L. for MAD 1.2 billion on May 3, 2021. As part of the Transaction, the Sellers have irrevocably undertaken to reinvest fifty percent of the consideration to acquire shares in Sanlam on the open market at the prevailing share price. Said Alj will continue to provide the Sanlam Group with strategic.

The transaction will be funded by Sanlam using debt facilities. The Transaction is subject to certain conditions including (but not limited to) approvals from the relevant regulatory authorities to the extent required both in South Africa and Morocco. It is expected to close by the end of the third quarter.

N M Rothschild & Sons Limited and Emerge Invest acted as financial advisor to Sanlam Limited, parent of San Jv (Rf) (Pty) Ltd. Allen & Overy LLP and Webber Wentzel acted as legal advisor to Sanlam Limited (JSE : SLM), parent of San Jv (Rf) (Pty) Ltd.