Two major South African companies to increase stake in SAHAM Finances

Sanlam, a South African financial services group along with insurance company Santam are increasing their stake in the Moroccan SAHAM Finances, International Adviser reports. 

The two leading South African firms headquarted in Cape Town are boosting their ownership from 30% to 46.6%. Santam and Sanlam first purchased effective stake in SAHAM Finances back in February 2016.

«Having identified strong synergies between the Sanlam and SAHAM Groups, we are committed to unlocking additional collaborations together through our collective skills and network capabilities across Africa», Junior Ngulube, Sanlam emerging markets chief executive told the same source. 

The transaction took place on May the 10th with Sanlam acquiring 85% and Santam 15% of the purchase.

For the record, SAHAM Finances is one of the biggest insurers in Africa that was created in 1995 by Moulay Hafid Elalamy. It operates in 26 countries across the continent with a network of 700 branches and 3,000 staff.