Finance

S. Africa: Santam bids $8.3mln for 76% stake in insurance broker Indwe

S. Africa: Santam bids $8.3mln for 76% stake in insurance broker Indwe
Tuesday, 09 November 2021 18:02

General insurance company Santam has offered to buy the remaining 76% stake it does not own in Indwe Broker Holdings Proprietary.

Under its plan, Santam engaged in talks with ARC Financial Services Investments Proprietary to acquire the 51% stake it holds in Indwe. The other 25% interest belongs to Sanlam, Santam's parent company.

Santam bids R125 million ($8.3 million) in cash for its acquisition. Once the transaction is completed, Santam plans to retain Indwe's commercial operations and divest the firm's corporate and specialty businesses.

African Rainbow Capital (ARC), the parent company of ARC Financial Services Investments Proprietary, entered into a shareholding agreement that resulted in the acquisition of a majority stake in Indwe in 2016. Five years later, ARC plans to exit. This leaves room for short-term insurer Santam and its parent company.

Chamberline Moko  

On the same topic
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 million in transactions by end-2025. The fintech...
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
03

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.