The proposed takeover of Santam by its majority shareholder Sanlam will remove a significant source of trading activity from the Namibian Securities Exchange, with Santam accounting for 5.15% of the exchange’s total equity turnover so far this year.
Sanlam, which already owns about 63% of Santam, has offered R505 per share to acquire the remaining shares and take the insurer private.
The transaction, if approved, will result in Santam being delisted from the Johannesburg Stock Exchange, the Namibian Securities Exchange (NSX) and A2X.
NSX trading records show that 846 209 Santam shares have changed hands so far in 2026, generating N$348.85 million in traded value across 171 deals.
This makes Santam one of the more significant contributors to trading activity on the local exchange.
Sanlam itself has accounted for a further 11.38% of NSX equity turnover, with 8.68 million shares traded at a value of N$770.72 million through 283 deals.
Combined, the two counters have therefore contributed 16.53% of the exchange’s equity turnover this year.
According to a statement issued by Sanlam, under the proposed transaction, Santam shareholders will receive R505 in cash for each share they hold, representing a 26.6% premium to Santam’s share price of R399 at the time of the announcement.
The offer is also above Santam’s previous record high of R451.70.
For minority shareholders, the transaction provides an opportunity to realise their investment at a substantial premium.
For the NSX, however, it means losing a counter that has accounted for more than one in every N$20 dollars traded in the equity market this year.
Sanlam Group chief executive Paul Hanratty says the takeover was aimed at bringing Santam fully into the group and simplifying its structure.
“This is the natural next step in a partnership that has developed over more than a century. Bringing Santam fully into the Sanlam Group aligns ownership with the operational relationship that already exists, while providing Santam minority shareholders with an attractive cash liquidity opportunity at a premium,” Hanratty says.
He says the transaction would support Sanlam’s Vision 2030 strategy by simplifying the group, deepening integration between its businesses and allowing it to allocate capital towards opportunities aimed at long-term growth.
Santam chief executive Tavaziva Madzinga says the proposal would give shareholders a cash-certain outcome while allowing the insurer to access Sanlam’s capital and broader capabilities.
“Santam has thrived alongside Sanlam for over a century, and this proposal is a logical progression of that relationship. It provides our shareholders with an attractive, cash-certain outcome at a meaningful premium,” Madzinga says.
He says the transaction would provide continuity for Santam’s clients, intermediaries and employees while supporting further investment in the business and its expansion across Africa.
The transaction remains subject to Santam shareholder and regulatory approval.
A general meeting is expected to be held around 30 November, with implementation targeted for the first quarter of 2027.
