Sanlam sheds 10% shares to BEE company

UBUNTU-BOTHO Investments, a broad-based empowerment consortium led by South African businessman Patrice Motsepe, has acquired an initial 10 per cent equity holding in Sanlam.

At a general meeting of Sanlam shareholders held on Thursday,

shareholders approved Sanlam's empowerment transaction said Mulele

Simataa, senior marketing manager at Sanlam Namibia.

Simataa said the transaction was proposed to shareholders on

December 4 last year.

 

In terms of the transaction Ubuntu-Botho becomes the largest

beneficial shareholder in Sanlam, with an active role in Sanlam's

leadership and future development, he said.

 

Sanlam's Group chief executive Johan van Zyl, said: "The

Ubuntu-Botho transaction is at the centre of our efforts to

establish an effective BEE strategy which can deliver optimal value

for all stakeholders and will contribute to Sanlam's growth and

development.

 

It is an innovative and sensible approach to commercial and

social imperatives.

 

"We are very proud of our history and of the role our existing

stakeholders in different markets have played in all our

achievements.

 

We value these relationships and I am excited that the

inclusiveness provided by the Ubuntu-Botho transaction and its

potential for growth and development of the Sanlam Group, will also

enable us to develop and unlock more value for them".

 

Ubuntu-Botho Chairman Motsepe, said: "As a shareholder with an

active role in Sanlam's leadership and development, we aim to

strategically position Sanlam as the leading financial services

group, providing financial services to all sectors of the South

African market.

 

This transaction will also see poor and unemployed South

Africans benefiting through the Sanlam Ubuntu-Botho Community

Development Trust that will advance and support community

upliftment and development projects, BEE initiatives and Corporate

Social Investment programmes."

 

Simataa said the transaction was proposed to shareholders on

December 4 last year.In terms of the transaction Ubuntu-Botho

becomes the largest beneficial shareholder in Sanlam, with an

active role in Sanlam's leadership and future development, he

said.Sanlam's Group chief executive Johan van Zyl, said: "The

Ubuntu-Botho transaction is at the centre of our efforts to

establish an effective BEE strategy which can deliver optimal value

for all stakeholders and will contribute to Sanlam's growth and

development.It is an innovative and sensible approach to commercial

and social imperatives."We are very proud of our history and of the

role our existing stakeholders in different markets have played in

all our achievements.We value these relationships and I am excited

that the inclusiveness provided by the Ubuntu-Botho transaction and

its potential for growth and development of the Sanlam Group, will

also enable us to develop and unlock more value for

them".Ubuntu-Botho Chairman Motsepe, said: "As a shareholder with

an active role in Sanlam's leadership and development, we aim to

strategically position Sanlam as the leading financial services

group, providing financial services to all sectors of the South

African market.This transaction will also see poor and unemployed

South Africans benefiting through the Sanlam Ubuntu-Botho Community

Development Trust that will advance and support community

upliftment and development projects, BEE initiatives and Corporate

Social Investment programmes."

---