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Abraaj to sell full stake in Saham Finances

DUBAI, November 25, 2015

Dubai-based Abraaj Group, a leading investor operating in global growth markets, has fully exited its shareholding in the leading African insurer, Saham Finances.

Abraaj sold a portion of its stake in Saham to Sanlam Group, a leading financial services group that provides comprehensive and tailored financial solutions to individual and institutional clients across all market segments.

Abraaj also sold the remainder of its shareholding to the Saham Group, a diversified Moroccan-based conglomerate operating in the insurance, offshoring and real estate sectors in the Middle East and Africa, and the parent company of Saham Finances.

The International Finance Corporation (IFC) and the IFC African Latin American and Caribbean Fund (ALAC) have also exited their shareholding alongside Abraaj.

Abraaj, IFC and the IFC ALC Fund will sell 30 per cent of their stake in Saham Finances to Sanlam Group and 7.5 per cent to Saham Group, a statement said.

Ahmed Badreldin, partner and regional head for Mena at The Abraaj Group, said: “We have enjoyed a strong partnership with Saham Finances over the course of our investment and, together, helped grow the business into a leading insurance player providing diversified products and services to a growing client base. We believe the business is now well positioned to capture further market share across the continent and support the exciting new alliance between the Sanlam and Saham Group.”

Raymond Farhat, managing director of Saham Finances, said: “In partnership with Abraaj, IFC and the IFC ALAC Fund, Saham has been able to execute a number of initiatives that have positioned us for renewed growth and expansion. We take this opportunity to thank our partners for their close collaboration and support. Saham is now well poised to grow even faster and our new partnership with Sanlam is an important step to expand our mutual geographic presence to ensure a Pan-African footprint.”

Mouayed Makhlouf, director at the International Finance Corporation, said: “The IFC is pleased to support this transaction which promotes South-South investments and partnerships across Africa.”

“We are pleased with the partnership the IFC ALAC Fund has cultivated with Saham. We have supported an excellent business in a critical growth phase and we are confident it will continue to build on its strengths going forward,” added IFC ALAC Fund co-head Colin Curvey.

The transaction is subject to regulatory approvals and is expected to close in early 2016, a statement said. – TradeArabia News Service




Tags: Abraaj | Stake sale |

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