SANTAM LIMITED - Santam sells 76% of Indwe to Ubi and Sanlam
SNT 201509300071A
Santam sells 76% of Indwe to Ubi and Sanlam
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
(JSE Share Code: SNT & ISIN ZAE000093779)
NSX share code: SNM
(“Santam”)
SANTAM SELLS 76% OF INDWE TO UBI AND SANLAM
Santam Limited (“Santam”), Ubuntu-Botho Investments Proprietary
Limited (“UBI”) and Sanlam Limited (“Sanlam”) have reached agreement
in terms of which Santam will sell its controlling stake in
independent brokerage firm Indwe Broker Holdings Proprietary Limited
(“Indwe”) to UBI and Sanlam. The transaction is based on a valuation
for Indwe of R265 million and will see UBI acquiring 51% of the
Indwe shareholding (through its wholly owned subsidiary African
Rainbow Capital Proprietary Limited) while Sanlam will acquire 25%.
Santam will retain 24% of Indwe. The transaction is still subject
to regulatory approval.
Cape Town
30 September 2015
Sponsor: Investec Bank Limited
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