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Saham Finance acquisition by South African insurer Sanlam could be repealed

Monday, 14 May 2018 20:09

(Ecofin Agency) - At the end of March 2018, the South African group Sanlam announced it has reached an agreement to acquire the rest of Moroccan group SAHAM Finances for $1 billion. A transaction whose completion is subject to prior approvals including that of the Moroccan Insurance and Social Security Supervisory Authority (ACAPS). However, according to information reported by Le Desk, this body may not approve the acquisition.

“The regulator should give a rejection, arguing the country’s higher interests in the face of the entryism of Pretoria (ed: South African capital, headquarters of Sanlam) and the continental implications of such a transaction,” Le Desk indicates.

If so, it will break Sanlam's strategy to become the undisputed Pan-African insurance leader, and its revenues boost prospects. As it increased stake in Saham Finances’ capital, the latter became a significant part of the South African group's turnover, accounting for 2.8% of turnover at the end of 2017, against 1.1% in 2016.

Idriss Linge 



Public Management

ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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