21st May 2015 09:28
LONDON (Alliance News) - AIM-listed investment company Masawara PLC on Thursday said it has entered a strategic and equity deal with Sanlam Emerging Markets to sell Sanlam a 40% stake in Masawara Investments Mauritius Ltd.
Under the terms of the deal, Sanlam Emerging Markets, an indirect subsidiary of South African financial services and insurance company Sanlam Ltd, will pay USD11.6 million to acquire the stake.
In addition to acquiring the equity interest, Sanlam Emerging Markets also will offer technical support services to Masawara's insurance businesses in Zimbabwe.
Shares in Masawara were untraded Thursday, having last traded at 51.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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