3Sixty GSG acquires 74% in Salt EB
JOHANNESBURG – 3Sixty Global Solutions Group (3Sixty GSG) on Thursday announced the acquisition of 74.9 percent of Salt Employee Benefits (Salt EB) in a bid for innovative new offerings in the financial services industry.
3Sixty is a subsidiary of the Numsa Investment Company and is a 100 percent black-owned and managed solutions company.
The group has assets in the funeral industry, healthcare and is investing in biotechnology and information technology.
The group has been on an aggressive growth strategy to grow its portfolio in all the markets it operates in.
Salt EB administers the bargaining council funds of 600 000 members and the company’s own umbrella funds, and is the biggest privately-owned administrator in South Africa.
Khandani Msibi, group chief executive of 3Sixty, said the acquisition of Salt EB was an advancement of the group’s financial services strategy, which will enable it to deepen its financial services offerings to all trade union members and the general market.
“The acquisition of Salt EB is within our strategy of adding to the basket of financial services products,” Msibi said.
African News Agency (ANA)