trending Market Intelligence /marketintelligence/en/news-insights/trending/v9ffzfn7w2izd-u949ympa2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Sanlam raises 5.70B South African rand from sale of new shares

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


Sanlam raises 5.70B South African rand from sale of new shares

Sanlam Ltd.'s share price fell nearly 8% on March 28 after it raised gross proceeds of roughly 5.70 billion South African rand through the sale of new ordinary shares to institutional investors.

The South Africa-based financial services group placed a total of 65,517,241 new ordinary shares at a price of 87.00 rand per share, which represents a discount of 5% to its March 27 closing price and a 6.8% discount to the 30-day volume-weighted price as of the same day. The shares represent roughly 3% of the company's issued ordinary share capital.

The company's share capital will increase to 2,231,989,047 shares from 2,166,471,806 upon admission to trading. Pending approval from Johannesburg Stock Exchange Ltd., the listing and trading of the new shares on the JSE will begin April 3. The shares will also be listed on the Namibian Stock Exchange, subject to approval from stock exchange operator Namibian Stock Exchange Ltd.

J.P. Morgan Securities PLC and Deutsche Bank AG, London branch, acted as joint global coordinators and book runners for the transaction, the proceeds of which will be used to fund a joint acquisition of Morocco-based Saham Finances SA, according to Reuters.

Sanlam and Santam Ltd. said early in March that Sanlam Emerging Markets Ireland Ltd. will acquire the remaining 53.37% of Saham Finances that it does not own from Saham SA for $1.05 billion.

Sanlam Emerging Markets Ireland is the wholly owned subsidiary of SAN JV Pty. Ltd., a special-purpose vehicle held jointly by Sanlam unit Sanlam Emerging Markets Pty. Ltd. and Santam.

As of March 27, US$1 was equivalent to 11.65 South African rand.