JOHANNESBURG – South African short-term insurer Santam Ltd said yesterday a black investors’ group has offered N$82 per share for a 10 percent stake in the company.
Santam, majority-owned by insurer Sanlam , said in February it planned to sell a stake to a black economic empowerment (BEE) group. The group said funding of the transaction will include senior financing of up to N$450 million to be provided by Sanlam Capital Markets Ltd and bridging finance of up to 600 million to be provided by Sanlam Life for a nine-months period.Nampa-ReutersThe group said funding of the transaction will include senior financing of up to N$450 million to be provided by Sanlam Capital Markets Ltd and bridging finance of up to 600 million to be provided by Sanlam Life for a nine-months period.Nampa-Reuters
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