SA: Lion of Africa Insurance 100% black-owned

[Im The Truth]

Lion of Africa 100% black-owned as Santam bows out

2009/08/21
http://www.weekendpost.co.za/busines...aspx?id=456719

Johannesburg – Lion of Africa Insurance will be 100% black- owned, the corporate and commercial insurer said yesterday.

This followed the purchase of Santam’s 35% interest in the company by Brimstone Investment Corporation and Commlife Holdings – both black-owned companies – for an undisclosed amount.

Brimstone and Commlife held 65% of Lion of Africa before the transaction, said Lion of Africa. The effective date of the transaction was June 30 and it was subject to regulatory approvals, the company said.

If the sale is approved, Lion of Africa would be 60% held by Brimstone and 40% by Commlife, a holding company controlled by Lion of Africa chairman and co- founder Fred Robertson.

“Santam is proud of its significant involvement with Lion of Africa as an engaged shareholder over a number of years,” said Santam chief executive Ian Kirk.

“In this time, Lion of Africa has become completely self-sufficient and independent, and now is an appropriate time for Santam to exit as shareholder,” he said.

Robertson said the company was delighted to have become a 100% black-owned entity. “This achievement demonstrates that, given an enabling environment, black business people can create jobs and build significant and sustainable businesses,” he said.

Lion of Africa chief executive Adam Samie, a founding member of the company, said it had been built from a start-up over the past 10 years.

“We have continued to expand and develop through the good as well as tough market cycles.

“This ability to grow significantly gives us great confidence for the future,” he said. – Sapa