(Also read: Sanlam makes largest investment in its entire 100-year-old history)
Sanlam will issue 111 million new ordinary shares (5% of its total share capital) to an entity held by broad-based black economic empowerment shareholders.
Upon concluding the transaction, the insurer will increase its black economic ownership to more than 35%.
The market cheered when the company announced the deal on Wednesday, sending its shares up by 5%.
Ray White (in for The Money Show’s Bruce Whitfield) interviewed Ian Kirk, Sanlam Group Chief Executive Officer.
Listen to the interview in the audio below.
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