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Santam slumps after R580m stock placement

May 14 2015 10:48
Chris Spillane

Santam has launched a mobile application. (Duncan Alfreds, Fin24)

Company Data

Santam Limited [JSE:SNT]

Last traded 287
Change 1
% Change 0
Cumulative volume 4626
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Santam [JSE:SNT] shares fell as much as 1.8% after Investec Bank sold stock in the insurer at a 1.4% discount to the closing price on Wednesday.

Investec sold 2.7 million shares through a book build at R215 each in a transaction worth R580.5m, Johannesburg-based Santam said in a statement. The offer was oversubscribed, it said.

Santam, South Africa’s largest property and casualty insurer, recovered somewhat to trade 0.92% lower at R216 at 10:33 on the JSE.

The company said on Wednesday it would buy back shares held by black-empowerment partner Central Plaza Investments valued at about R801m.

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