BRIEF-Sanlam Proposes Acquisition Of 25% Non-Controlling Minority Shareholding In Unit Of ARCFS

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BRIEF-Sanlam Proposes Acquisition Of 25% Non-Controlling Minority Shareholding In Unit Of ARCFS
Credit: © Reuters.

Dec 18 (Reuters) - Sanlam Ltd SLMJ.J :

* JSE: SLM - PROPOSED ACQUISITION OF A 25.0% NON-CONTROLLING MINORITY SHAREHOLDING IN A WHOLLY-OWNED SUBSIDIARY OF ARCFS

* SANLAM - BASE VALUATION OF 25.0% MINORITY SHAREHOLDING IN ARC FS SUBCO AT 30 JUNE 2020 IS R739 MILLION

* SANLAM - PROPOSED TRANSACTION IS A DELIBERATE INVESTMENT TO CONTRIBUTE TOWARDS SANLAM'S REALISATION OF ITS SOUTH AFRICAN GROWTH STRATEGY.

* SANLAM - PROPOSED TRANSACTION WILL BE FUNDED FROM SANLAM LIFE'S EXISTING CASH RESOURCES

* SANLAM - AFTER DEAL COMPLETION, SANLAM LIFE WILL BE 25.0% MINORITY SHAREHOLDER OF ARC FS SUBCO WITH ARC FS RETAINING MAJORITY 75.0% SHAREHOLDING.

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