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Sanlam still awaiting CA approval in Pan African craving

Publishing Date : 09 July, 2018


Most jurisdictions in African countries have given Sanlam the green-light in its quest to increase its control on a Moroccan company, Saham. Sanlam will be acquiring these shares via its subsidiary Sanlam Emerging Markets Ireland Limited (SEMIL).

As Sanlam has direct shareholdings in Africa Life Assurance Company Ltd and Botswana Insurance Holdings Limited, the Competition Authority (CA) is currently examining possibility of any uncompetitive practice that may come with the Sanlam merger. CA this week invited any interested parties not party to the proposed transaction to come forth with document, affidavit, statement or other relevant information in respect of the proposed acquisition before 27 July 2018.

A hearing on the proposed transaction is slated for 31 July 2018 at the CA offices where interested parties to the transaction are expected to make verbal representations to the Authority with respect to the transaction as well as allow their competitors and the general public to express their views on the proposed acquisition. Through SEMIL,Sanlam first bought a 30 percent stake in Saham in February 2016 and bought 16.63 percent more in May 2017. Sanlam now want the remaining 53.37 percent from Saham. According to Sanlam, this will increase the company’s dominion in Africa.

Sanlam believes Saham acquisition enables Sanlam, its subsidiaries and associates (the “Sanlam Group”) to deepen its direct presence in North Africa as well as Francophone West Africa and Southern African Lusophone countries, which provides it with a unique positioning on the African continent. The company also believes this will satisfy its Pan African appetite. “The Sanlam Group will become a truly Pan-African insurance, investment and ancillary services group, able to service multi-national clients and their intermediaries more effectively than any other group operating across the continent,” said Sanlam.



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