Cape Times (Digital)

Cape Times (Digital)

1 Issue, 2024-09-03

Sanlam Life Insurance plans to acquire a 25% stake in African Rainbow Capital Financial Services Holdings

Sanlam Life Insurance plans to acquire a 25% stake in 
African Rainbow Capital Financial Services Holdings
SANLAM Life Insurance plans to acquire a 25% stake in African Rainbow Capital Financial Services Holdings (ARC FSH) for R2.41 billion cash and part of the deal will be the sale of its 25% stake in ARC Financial Services Investments (ARC FSI) for R1.49bn. The sale in ARC FSI would be done via the issue by ARC FSH of ordinary shares to the value of R1.49bn, to Sanlam Life. Sanlam’s share price fell 3.46% to close at R85.81 yesterday. ARC FSH is the investment holding company for all the financial services investments of the Ubuntu-Botho Investments (UBI) group of companies, other than its shareholding in Sanlam, which is held directly by UBI. The deal generated some comment on the X social media platform with, for instance, Michael Jordaan (@MichaelJordaan)…
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Cape Times (Digital) - 1 Issue, 2024-09-03

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