Bafokeng ups stake in Zurich

Johannesburg - Royal Bafokeng Finance (RBF) has increased its stake in Zurich Insurance Company South Africa Limited (ZSA) to 25.1%.

Zurich announced on Thursday that a transaction has been concluded between its major shareholders in terms of which SA Fire House Limited (a subsidiary of Zurich Insurance Company Limited, Switzerland) has disposed of shares constituting 15.1% of the issued share capital of the company to Royal Bafokeng Finance (a company wholly owned by Royal Bafokeng Holdings).

The transaction will increase the shareholding of RBF in Zurich to 25.1%.

The transaction is subject to the fulfilment of all regulatory approvals required in South Africa, including that of the Financial Services Board.

A further announcement will be made when the conditions precedent have been fulfilled and the transaction is to be implemented.

"The transaction has been concluded in pursuance of the commitment by the Company to ongoing Black economic empowerment and transformation," Zurich said.

- I-Net Bridge