Financial services group Sanlam says it has submitted an offer letter to the board of AfroCentric Investment, expressing its firm intention to acquire a controlling shareholding in the majority black-owned JSE-listed investment holding company.
Sanlam, through Sanlam Life Insurance, currently holds 28.7% in ACT Healthcare Assets, which in turn holds AfroCentric’s businesses, including the Medscheme medical scheme administration business and AfroCentric’s pharmacy businesses. As part of the transaction, Sanlam will transfer its shareholding in ACT Healthcare Assets to AfroCentric in exchange for an equal shareholding in AfroCentric.
The insurance specialist has offered a purchase consideration of R6.00 per AfroCentric share, and AfroCentric shareholders have the option to receive the purchase consideration in cash or in Sanlam shares.Sanlam said it intends to expand its client proposition to provide a more holistic product offering, including medical aid and health insurance.
In the long term, Sanlam said it will develop bespoke healthcare solutions and enhance commercial visibility through increased marketing and co-branding at the administrator level.
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