BEE consortium buys 49% stake in Sanlam

SANLAM Investment Management Namibia (SIM) on Wednesday signed a a series of agreements that will pave way for a consortium of Black Economic Empowerment Groups to get direct shareholding in SIM.

A leading BEE consortium is set to acquire 49 per cent direct shareholding of SIM. SIM chief executive officer Vekuii Rukoro said the empowerment consortium currently consists of Labour Investments Holdings, the business arm of the National Union of Namibia workers and Tutunge Investment Holdings, a local empowerment group which has been in a partnership with SIM for the last three years.The empowerment partners would not only participate in the equity owner ship, said Rukoro, but would have a role in the management of the company, by having board representation and also be able to appoint the chairman of the board.Rukoro added that the empowerment partners would also participate in the identification of a suitable Namibian who would take over from Rukoro as SIM’s chief executive officer.”In terms of this transaction, the empowerment consortium will acquire a direct shareholding of 49 per cent of the equity of SIM Namibia.Considering that SIM Namibia is a profitable company and with close to N$8 billion assets under management the single largest asset manager in Namibia, this transaction makes SIM Namibia the most empowerment financial institution in our industry to date,” said Rukoro.SIM chief executive officer Vekuii Rukoro said the empowerment consortium currently consists of Labour Investments Holdings, the business arm of the National Union of Namibia workers and Tutunge Investment Holdings, a local empowerment group which has been in a partnership with SIM for the last three years.The empowerment partners would not only participate in the equity owner ship, said Rukoro, but would have a role in the management of the company, by having board representation and also be able to appoint the chairman of the board.Rukoro added that the empowerment partners would also participate in the identification of a suitable Namibian who would take over from Rukoro as SIM’s chief executive officer.”In terms of this transaction, the empowerment consortium will acquire a direct shareholding of 49 per cent of the equity of SIM Namibia.Considering that SIM Namibia is a profitable company and with close to N$8 billion assets under management the single largest asset manager in Namibia, this transaction makes SIM Namibia the most empowerment financial institution in our industry to date,” said Rukoro.