Sanlam announces the conclusion of the Saham finance acquisition

Moroccan insurance company Saham was officially acquired by South Africa’s Sanlam on October the 11th, said the Moroccan firm in a statement sent to Yabiladi.

Sanlam announced, on the same day, that it had «fulfilled all conditions for the $1.1 billion purchase of the shares it doesn’t already own in Morocco’s Saham Finances SA after regulators approved the deal», reports Bloomberg.

«We are pleased to announce the conclusion of SAHAM finance acquisition», tweeted the South African firm, indicating that the operation is «transforming (Sanlam) into a leading financial services player in Africa».

«With expertise across life, general and specialist insurance and investment management in Africa, we now have significant opportunities for cross-selling and diversification», Junior Ngulube, chief executive officer of Sanlam Emerging Markets told Bloomberg.

For the record, Sanlam has been a Saham partner since February 2016 by owning 46.6% of the company’s stake. The South African giant is listed on the Johannesburg Securities Exchange and is a leading Pan-African financial services group with a market capitalization of over US$16 billion.