Group CEO Ian Kirk announced on Wednesday the Group’s plans for a series of transactions that will help Sanlam grow further and enhance its economic empowerment status.
Building on its long-standing partnership with Ubuntu-Botho, the Group intends to issue shares constituting up to 5% of the issued Sanlam ordinary shares to a new broad-based group of empowerment shareholders, including Sanlam employees, black women and youth.
These transactions will position Sanlam as a Level 1 BEE contributor and stand to increase direct ownership by blacks in the group to over 18%, and black economic ownership (combined direct and indirect) to over 35% as measured according to the Financial Sector Code. The main goal is for Sanlam to be in a strong and market-leading position in terms of empowerment.
‘We are confident that the proposed transactions are well aligned to the national agenda and will build on the highly successful strategic partnership which we have forged with Ubuntu-Botho over the past 14 years,’ Ian says.
‘In addition, we believe that these transactions will position the Group well in its efforts to gain profitable market share in strategic areas in which empowerment is a priority for key decision makers.’
Click here to watch Ian’s commentary.