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BRIEF-Santam says JV with Sanlam increases stake in SAHAM Finances
December 14, 2016 / 1:21 PM / 9 months ago

BRIEF-Santam says JV with Sanlam increases stake in SAHAM Finances

Dec 14 (Reuters) - Santam Ltd

* Acquisition of a further 16.6 pct interest in SAHAM Finances S.A. via a subscription for shares

* Total consideration payable in terms of transaction is $329 million plus transaction costs

* Santam’s interest in SAN JV will therefore dilute to 15 pct, from 25 pct, and SEM’s interest will increase to 85 pct, from 75 pct

* Santam’s contribution of $7.35 million plus transaction costs

* Santam will fund its portion of consideration through available foreign cash resources

* SEM will fund its portion of consideration by using at least $200 million of available discretionary capital, obtaining third party funding for rest

* Effective date of transaction will be dependent on fulfilment of conditions precedent and is expected to occur during Q2 of 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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