Disposal of Enterprise Group Investments
23 June 2017
The board of directors of Sanlam hereby announces that Sanlam Emerging Markets Proprietary Limited (“SEM”), a wholly-owned subsidiary within the Sanlam Group, has entered into agreements on 22 June 2017 with Black Star Holdings Limited, a separate managed account held by LeapFrog Strategic African Investments and Prudential Insurance of America, for the disposal of its stakes in Enterprise Life Assurance Company Limited, Enterprise Trustees Limited and Enterprise Insurance Company Limited for a cash consideration of US$130 million (“the Disposal”).
With SEM as a strategic partner in both the Enterprise Group and Saham Finances, it would have been difficult to meet the regional expansion aspirations of the Enterprise Group. The parties therefore agreed for SEM to exit from the Enterprise Group, but with Sanlam able to continue participating in Ghana. Ghana remains a strategically important geography for the Sanlam Group and options to re-establish a meaningful presence in the country are under consideration.