JOHANNESBURG - Sanlam said its shareholders had approved a package of strategic empowerment transactions that included issuing five percent of its enlarged issued ordinary shares to a new broad-based group of empowerment shareholders and Ubuntu-Botho.
In October, the financial services group and insurer said it planned to provide a R2 billion facility to its black-economic empowerment partner, Ubuntu-Botho or its subsidiaries, to support the execution of Sanlam's empowerment strategy to be a diversified pan-African financial services group.
Ian Kirk, group chief executive, said this was a very strong vote of confidence that would enable Sanlam management to forge ahead with the implementation of the transactions.
"We believe these will be good for the company and for the country, enhancing our empowerment status and our long-term growth and sustainability while we continue to contribute to South Africa’s shared prosperity," Kirk said.
"The board also took note of certain governance concerns raised in today’s climate of heightened governance standards and transparency and will continue to engage and improve on this as we continue to drive our strategy."