Sanlam raises R5.7 billion to fund SAHAM acquisition

Sanlam has sold new shares worth R5.7 billion to fund its Moroccan acquisition.

The sale of new shares has seen Sanlam raise R5.7 billion, which will be used to fund the company’s joint acquisition of SAHAM Finances. According to the company, it placed 65.5 million new shares, approximately a three percent stake, through an accelerated bookbuild process to institutional investors for R87 per share.

Ian Kirk, Sanlam Group CEO, said in a statement:

“The success of this placing indicates the significant investor confidence in Sanlam following a long period of consistent delivery on our strategic priorities and is evidence of the renewed confidence in South Africa as well.”

Read more about the SAHAM acquisition here.