Nigeria Stock Exchange (NSE) listed Continental Reinsurance majority shareholder Saham Finances SA has whittled down its shareholding to 51% from 100% after an investment firm focusing on the Sub-Saharan African region acquired a significant stake in the reinsurer.
Group MD of Continental Reinsurance Femi Oyetunji said Capital Alliance Private Equity IV Limited, a private equity fund sponsored by African Capital Alliance (ACA), a leading independent investment firm focusing on the Sub-Saharan African region, has taken a 49% stake in Continental-Re Holding.
The dilution is significant in that it will result in South African Sanlam which has a 30% ownership of Saham Finances also indirectly diluting its shareholding in Continental -Re and therefore its pan-African presence.
Pursuant to share transfers within Continental-Re Holding the ultimate shareholding structure of the company will comprise of indirect stakes held by Capital Alliance Private Equity IV Limited-a private equity fund sponsored by African Capital Alliance and Saham Finances SA (the insurance arm of Saham Group).
Source: Allafrica.com