SAHAM group will transform into a Pan-African investment fund, with the ambition of strengthening its position as a strategic continental economic player.
This transformation into an investment fund will strengthen SAHAM Group’s footprint, with over 14.000 employees and several sectors in its portfolio after this transaction, SAHAM Group said in a release.
Key partnerships are expected to be announced soon as well as strategic acquisitions.
“SAHAM Group’s DNA lies within its ability to bring together leading international investors, such as the World Bank, Kingdom Zephyr, Abraaj, Allianz, Bertelsmann, Wendel and more recently the Sanlam Group. As part of its transformation into a Pan-African Investment Fund, SAHAM will now attract new partners, to break new ground, and invest in future-oriented businesses, development accelerators for our country and our continent,” Moulay Mhamed Elalamy, SAHAM Group’s spokesman said on this occasion.
Saham Group announced on Thursday its decision to sell its insurance business to South-African group Sanlam, which will increase its stake in the capital of SAHAM Group’s insurance subsidiary, from 46.6% to 100%.
The acquisition amounts to 1.05 billion dollars.
SAHAM’s insurance business, which started its strategic development in Africa in 2010, is now present in 26 countries through 35 insurance companies.