• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Sanlam ups stake in Indian firm by R1bn

Feb 22 2013 14:02 Reuters

Company Data

Sanlam Limited [JSE:SLM]

Last traded 78
Change 1
% Change 2
Cumulative volume 3644732
Market cap 0

Last Updated: 24-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Sanlam seals Malaysian deal

Sanlam may struggle to up Shriram stake

Sanlam eyes Malaysian acquisition

Sanlam eyes stake in Malaysian insurer

Old Mutual, Sanlam eye JP Morgan unit

Sanlam to acquire 49% of POB

 

Johannesburg - Insurance group Sanlam [JSE:SLM] has acquired a further 3.7% in Indian firm Shriram Transport Finance Company (STFC) for nearly R1bn, raising its stake to about 10%.

Sanlam already holds stakes in Chennai-based conglomerate Shriram Group's insurance businesses.

STFC is a commercial vehicle financing business, listed on both the Bombay and National Stock Exchanges in India, with a loan book of approximately R60bn.

The transaction is in line with the group’s strategy to increase its holdings in existing partners where appropriate. It further strengthens the existing relationship between Shriram and Sanlam. 

Said Heinie Werth, CEO of Sanlam Emerging Markets (SEM): “This transaction is yet another highlight and a significant step in our efforts to meet our strategic objectives to diversify both geographically and into broader financial services. We are pleased with the progress we are making in this regard.”

“The transaction will facilitate Sanlam’s further access to the strong growth and profit generating capacity of the financing entities within the Shriram Group and in the Indian market.  It is an important and logical next step in strengthening Sanlam’s, and particularly SEM’s, relationship with Shriram. The strong relationship that we continue to enjoy is further entrenched in the long term benefit for both companies," Werth said.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

sanlam

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...