South Africa’s insurer and financial services group, Sanlam, announces the completion on Wednesday (March 28th) of the company’s placement of 65.5 million new common shares with institutional investors. An investment that allowed him to raise 5.7 billion rand, or $ 490 million.
The unit price of investment is fixed at 87 rand per share, a reduction of 5% compared to its closing price on Tuesday.
It is also planned to list the placement of the group’s shares on the Namibian Stock Exchange (NSX), subject to the approval of the latter.
« The net proceeds of the offering will be used in part to fund the group’s acquisition of the remaining 53.37% interest in SAHAM Finance (SAHAM) announced earlier this month, » notes Sanlam.
Sanlam is the largest insurer in Africa and market leader in most of the 26 countries in which it operates in North, West and East Africa.