The Abraaj Group, IFC and IFC AMC Agree to Exit Saham Finances (Sub-Saharan Africa)

Source: International Finance Corporation, Saham Group 

Global growth markets investor The Abraaj Group, development finance institution International Finance Corporation (IFC) and IFC Asset Management Company (IFC AMC), a wholly-owned subsidiary of IFC, have agreed to sell a combined 30 percent stake in Morocco-based insurance group Saham Finances to Saham Finances’ parent company Saham Group and Johannesburg Stock Exchange-listed financial services provider Sanlam Group. IFC AMC and IFC originally acquired a combined 18.75 percent stake in Saham Finances in 2012, with IFC AMC's portion structured through its IFC African, Latin American and Caribbean Fund. Financial details of the transaction, which is subject to regulatory and other approvals were undisclosed.