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IFC and the IFC African, Latin American, and Caribbean Fund Announce Successful Exit from Saham Finances


In Washington
Mame Annan-Brown
Telephone: +1 202 790 7142
Email:
mannanbrown@ifc.org

In Cairo
Riham Mustafa
Telephone: + (202) 2461-4230
Email:
rmustafa@ifc.org


Washington D.C., November 25, 2015—IFC, a member of the World Bank Group, and the IFC African, Latin American, and Caribbean Fund (IFC ALAC Fund), a $1 billion private equity fund managed by the IFC Asset Management Company, have announced the successful exit from their investment in Saham Finances (Saham), a subsidiary of the Saham Group.

In 2012, IFC and the IFC ALAC Fund acquired an 18.75 percent stake in Saham. During the investment period, IFC and the IFC ALAC Fund supported the company’s ambitious growth strategy by facilitating strategic acquisitions in high growth markets such as Angola, Kenya and Nigeria. Since the investment, Saham has added 11 new subsidiaries and more than tripled its net income base. IFC and the IFC ALAC Fund’s engagement have enhanced Saham’s strategic and financial value and strengthened its corporate governance framework.


IFC and the IFC ALAC Fund are selling 100 percent of their shares in Saham. Eighty percent of these shares will be purchased by South Africa-based Sanlam Group while the remaining 20 percent will be purchased by the Saham Group, Saham’s parent company. The Abraaj Group has also exited its shareholding alongside IFC and the IFC ALAC Fund. The transaction is expected to close during the first quarter of 2016, subject to regulatory approvals.


Saham has become one of the largest pan-African insurance groups, currently operating 31 insurance and reinsurance subsidiaries in 26 countries in Africa and the Middle East. The company is now the market leader in most of the countries it operates in, with a network of over 650 branches, a staff complement of more than 3000 people, and a consolidated turnover of over $1 billion.


Commenting on the exit, Mouayed Makhlouf, IFC Director for the Middle East and North Africa, said: “IFC is pleased to support this transaction, which promotes South-South investments and partnerships across Africa.”


“Our investment and partnership with Saham have helped create a truly regional leader in the African insurance market. We expect further dynamic growth from Saham in the years to come,” said Gavin E.R. Wilson, CEO of IFC Asset Management Company.

IFC ALAC Fund Co-Head Colin Curvey added: “Saham is well-placed to maintain its market-leading status in high-growth markets in Sub-Saharan Africa. We wish the company continued growth and success in the future.”

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org

About IFC Asset Management Company

IFC Asset Management Company LLC (AMC), a wholly-owned subsidiary of IFC, invests third-party capital, enabling investors to benefit from IFC’s expertise in achieving strong equity returns, as well as positive development impact in the countries in which it invests. AMC has raised $8.7 billion of capital across 11 investment funds. It manages the $1 billion IFC ALAC Fund. For more information, visit
www.ifcamc.org.

About the IFC African, Latin American, and Caribbean Fund

The IFC ALAC Fund is a $1 billion growth equity fund that invests alongside IFC in equity investments in Sub-Saharan Africa, Latin America and the Caribbean. It provides long-term growth capital for private enterprises in these regions.


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