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.”