(Ecofin Agency) - Sanlam Emerging Market, subsidiary of South African Salam Group, has finalized the sale of an undisclosed volume of stake in its Kenyan subsidiary Sanlam Investment East Africa. The buyer’s identity has not been revealed but sources claim that it is a local partner.
The South African insurer will get Ksh730 million ($7.2 million) from this operation. Two years ago, Sanlam acquired 75% of asset manager Pinebridge and rebaptised it Sanlam Investment East Africa.
Even though this operation is just a partial disinvestment, let’s note that this is the second South African firm realizing an exit from the Kenyan asset manager. The disinvestment of Standard Bank from Liberty was the first.
In its yearly report, Sanlam indicated that in 2018, the performances in this sector in Kenya were mitigated.