Risk and brokerage firm Jardine Lloyd Thompson (JLT SA) has concluded a broad based economic empowerment (BEE) deal which will see 25% of its stake being sold to Thebe Investment Corporation and an employee share trust.
Thebe Investment Corporation will hold 20% of JLT SA and the remaining 5% will be held by an employee share trust whose beneficiaries are previously disadvantaged‚ the company said on Wednesday.
Post the deal Thebe will have two directors on the board of JLT SA.
“We are excited to be investing into a growing business and partnering with a strong management team‚ holding a clear sense of direction. Thebe has long been involved in the financial services sector‚ especially insurance through various businesses it has owned and partnered with over the years and the sector remains an important pillar to our overall growth strategy. We are excited about this transaction as it allows Thebe to regain an entrance into the insurance sector‚” Thebe chairman Vusi Khanyile said.
JLT SA CEO Andrew Chislett added that for a newly established risk and brokerage firm the BEE deal was a huge endorsement from an organisation like Thebe.
“Thebe is an excellent partner who is highly regarded for their heritage and the important role they play in business in SA‚” Chislett said. - I-Net Bridge