October 31, 2018 / 5:39 AM / 15 days ago

S.Africa's Sanlam plans up to $588 mln stake sale to black investors, employees

JOHANNESBURG, Oct 31 (Reuters) - South Africa’s biggest insurer Sanlam Ltd plans to sell a 5 percent stake at a 10 percent discount to black investors and employees to meet affirmative action rules, it said on Wednesday.

The deal could be worth as much as 8.6 billion rand ($587.6 million), Sanlam said in a statement. ($1 = 14.6355 rand) (Reporting by Tiisetso Motsoeneng; Editing by Amrutha Gayathri)

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