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SHORT-TERM insurance giant Santam says it has sold its 35percent stake in Lion of Africa to equity partners Brimstone Investment Corporation and Commlife Holdings.
This makes corporate and commercial insurer Lion of Africa 100percentblack-owned after the transaction which is still subject to regulatory approval.
Brimstone and Commlife held 65percent of Lion of Africa before the purchase.
Brimstone chief executive Mustaq Brey said yesterday the share sale transaction would significantly enhance Lion's credentials as a wholly-owned black economic empowerment short-term insurer.
"The investment and support given to the Lion of Africa over the past decade by Santam has been instrumental in establishing the business and its credentials," he said.
"The timing of the transaction presents an opportunity for the company to assume its own independence and move into its next phase of growth.
"Brimstone and Commlife, together with Santam, have built another black company from start-up, created wealth and more than 100 jobs as well as contributed to a transformed insurance landscape," Brey said. - I-Net Bridge