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South Africa: Approved purchase of majority stake in insurer paves way for restructuring

By  |  January 4, 2013
South Africa: Approved purchase of majority stake in insurer paves way for restructuring

According to reports, South Africa’s Competition Authority has will allow Sanlam Limited to acquire a majority stake in Pan Africa Insurance, a move that will allow the South Africa-based financial services company to restructure Pan Africa Insurance, based in Kenya. Sanlam is looking to acquire 60 percent Pan Africa, up from the 50 percent it already owns. The deal will reportedly be made for more than $1 million.

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