South African insurer Sanlam acquires additional stake in Morocco’s SAHAM Assurance

South African insurer Sanlam announced on Monday, May 3, that it will acquire an additional 22.8% stake in Moroccan insurance company SAHAM Assurance Maroc for $137.09 million, Reuters reported.

This acquisition will bring Sanlam’s direct and indirect stake in the Moroccan company to 84.5%, the same source added.

It is worth mentioning that in October 2018, Sanlam fulfilled all the conditions for the $1.1 billion purchase of the shares it doesn’t already own in Saham Finances SA.

Sanlam’s acquisition of the remaining 53.37 percent of Saham Finances brought its total investment in the company to almost $1.7 billion since February 2016.