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Johannesburg - Sekunjalo Investments Limited (SKJ) announced on Wednesday it had increased its investment in three of the
high performing companies in its financial services division.
The JSE-listed investment holding company has upped its stake in Sharenet from 30% to a majority 51%, in First Light Administration Services from 26% to a majority 80%, and has taken full 100% ownership of Sekunjalo Medical Aid Administrators where it previously held a 70% stake.
Sekunjalo deputy chief executive officer Norman Noland said the purchases would be settled against the achievement of warranted profits, and predominantly through the issue of Sekunjalo shares with the balance to be settled in cash.
"Our initial investment enabled us to get close to these companies and we have been highly satisfied with their respective performances.
"All have consistently delivered growth on or above budget, and accordingly we believe a greater exposure to each will be of tremendous benefit to our shareholders," he said.
Noland said the growth in the financial services division had enabled Sekunjalo to significantly dilute the seasonal impact on the results from its fishing division in the first six months of the current financial year.
More acquisitions in pipeline
"With the growth coming from our financial services and IT divisions, coupled to our increased investment in these areas, we expect a significant improvement in our full year results. Further acquisitions in the financial services sector can be anticipated," he said.
Noland said the acquisitions also place Sekunjalo Financial Services in a position to offer a full spectrum of financial services and products to the markets.
Sharenet is one of the leading online providers of financial information to the corporate and consumer market in South Africa.
First Light Administration Services is an established retirement fund administrator to funds which total in excess of 30 000 members and assets of about R200m.
Sekunjalo Medical Aid Administrators, where Sekunjalo now owns 100%, boasts a robust and proprietary IT system that meets the regulatory requirements of the industry and has the capacity to administer approximately 100 000 members. The company currently administers the Suremed Health scheme where membership comprises mainly government employees.