The Abraaj Group fully exits ownership in Saham Finances

24 Nov 2015
Financial Nigeria


Abraaj invested in Saham in 2012 through two of its Funds.

Arif Masood Naqvi, Founder and Group Chief Executive, The Abraaj Group/ Photo: Moritz Hager/ World Economic Forum

The Abraaj Group announced today it has fully exited its shareholding in the leading African insurer, Saham Finances. Abraaj sold a portion of its stake in Saham to Sanlam Group, a leading financial services group that provides comprehensive and tailored financial solutions to individual and institutional clients across all market segments.    

The remainder of Abraaj’s shareholding was sold to the Saham Group, a diversified Moroccan-based conglomerate operating in the insurance, offshoring and real estate sectors in the Middle East and Africa, and the parent company of Saham Finances. The International Finance Corporation and the IFC African Latin American and Caribbean Fund (ALAC) also exited their shareholding alongside Abraaj.

Abraaj – a leading private equity investor operating in the growth markets of Africa, Asia, Latin America, the Middle East, and Turkey – invested in Saham in 2012 through two of its Funds. Saham is a leading insurer in Africa with a presence in 26 countries, a network of over 650 branches with more than 3,000 staff, and a consolidated turnover of over $1 billion. The company operates across three main sectors: insurance and reinsurance, assistance, and third party administration (TPA). It is also the market leader for short-term insurance and life insurance across Africa.

“We have enjoyed a strong partnership with Saham Finances over the course of our investment and, together, helped grow the business into a leading insurance player providing diversified products and services to a growing client base,” said Ahmed Badreldin, Partner and Regional Head for Middle East and North Africa at The Abraaj Group. “We believe the business is now well positioned to capture further market share across the continent and support the exciting new alliance between the Sanlam and Saham Group.”

Abraaj has realized about $5.4 billion from over 70 full and partial exits, and funds managed by the Group have made over 140 investments across 10 sectors including consumer, energy, financials, healthcare and utilities.

Raymond Farhat, Managing Director of Saham Finances, said, “In partnership with Abraaj, IFC and the IFC ALAC Fund, Saham has been able to execute a number of initiatives that have positioned us for renewed growth and expansion. We take this opportunity to thank our partners for their close collaboration and support.”

Farhat said Saham is now well poised to grow even faster with its new partnership with Sanlam.

Mouayed Makhlouf, Director at the IFC said, “The IFC is pleased to support this transaction which promotes South-South investments and partnerships across Africa.”

The transaction is subject to regulatory approvals and is expected to close in early 2016.

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