Morocco's Saham Group announced on Thursday the selling of its remaining 53.37-percent shares of Saham Finances to South African Sanlam Emerging Markets for over 1 billion U.S. dollars.
According to a statement from Saham, the company has sold its remaining shares in the insurance business to Sanlam after receiving approval from the regulatory bodies in the two countries.
The deal will give Sanlam access to Saham's insurance business which is present in over 30 countries in Africa and the Middle East.
The acquisition of Saham Finances by Sanlam started since 2016 when Sanlam Emerging Markets acquired a 30-percent stake in its capital, before increasing it to 46.6 percent the following year.
Saham Finances, a Casablanca-based arm of the Saham Group founded in 1995 by Moulay Hafid Elalamy, currently Moroccan Minister of Industry, is the largest insurer on the continent outside of South Africa.
