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SANLAM - SANLAM JOINS FORCES WITH TRADE UNION CONSORTIUM TO FORM BREAK-THRU
FINANCIAL SERVICES
SANLAM GROUP LIMITED
Incorporated in the Republic of South Africa
Registered name: Sanlam Limited
(Registration number 1959/001562/06)
JSE share code: SLM
NSX share code: SLA
ISIN number: ZAE000028262
(`Sanlam`)
SANLAM JOINS FORCES WITH TRADE UNION CONSORTIUM TO FORM BREAK-THRU FINANCIAL
SERVICES
Sanlam Limited and Basebenzi Investment (Pty) Ltd (Basebenzi), the investment
arm of the Food and Allied Workers Union (FAWU), today announced that they have
entered into a partnership to create a broad-based BEE financial services
company, Break-thru Financial Services (Pty) Ltd (Break-thru).
Basebenzi will hold 60% of the total issued share capital of Break-thru in a
Union Consortium (the Consortium), with further affinity groups joining the
Consortium in due course. Sanlam will initially hold 40%, but its shareholding
may dilute to a minimum of 25% in favour of the Consortium.
The key parties involved in realising the Break-thru vision have included Johan
van Zyl CEO of Sanlam, Flip Rademeyer Financial Director of Sanlam, Ambassador
Chris Dlamini CEO of Basebenzi and Patrick Johnson President of FAWU. Chris
Dlamini has been appointed Chairman of Break-thru and Ncedo Mlamla, has been
appointed CEO.
Sanlam will contribute the infrastructure, skills and training required to
establish Break-thru in line with a detailed business plan and FAWU will bring
its membership base as potential customers.
Break-thru will provide a one-stop financial service offering that will include
employee benefits, group solutions, multi-management, home loans, personal
loans, debt solutions and financial knowledge development. Break-thru is a
revolutionary business model in that it will be focused on addressing the needs
of the workers by developing appropriate solutions and utilising effective
distribution channels to service their needs.
Sanlam will also become Break-thru`s preferred provider in respect of certain
products and services, such as actuarial and investment consulting, member
education and back-office services.
`Break-thru is in line with our strategy of enhancing Sanlam`s profitability and
reach by making investments that provide an appropriate real return on capital
invested, as well as improving business volumes. This is a very exciting
development and a win-win situation for both parties. Break-thru will empower
Sanlam to break into new markets, especially in its Employee Benefits,
Investments and Group Solutions businesses, and allow it to expand the access to
financial services to a broader market,` said Sanlam Financial Director Flip
Rademeyer.
`Break-thru represents effective transformation as people on the shop floor will
now be empowered to take charge of their financial futures. Break-thru will
provide relevant financial services advice by being more accessible and better
understanding the needs of a broad range of union members. As shareholders,
union members will also be able to share in the future success of this
business,` said Ambassador Chris Dlamini CEO of Basebenzi and Chairman of Break-
thru.
This is a positive response by both Sanlam and Basebenzi on the call by
President Mbeki for the Peoples Contract to create wealth for equitable
redistribution to the majority of the working people in particular and the
people of South Africa in general.
06 OCTOBER 2004
Date: 06/10/2004 09:00:15 AM
Produced by the JSE SENS Department
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