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Sanlam completes acquisition of Uganda’s Lion Assurance Company

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Gary Corbit, C.E.O, Sanlam General Insurance Uganda(L), Mr. Julius Magabe(C), the Regional Executive SEM and Junior Ngulube(R), Chief Executive Officer -Sanlam Emerging Markets Proprietary addressing the press at Kampala Serena hotel, this was at the official announcement of Sanlam’s acquisition of Lion Assurance company on 21st (Tuesday) November 2017.

BY PAUL TENTENA
Gary Corbit, C.E.O, Sanlam General Insurance Uganda(L), Mr. Julius Magabe(C), the Regional Executive SEM and Junior Ngulube(R), Chief Executive Officer -Sanlam Emerging Markets Proprietary addressing the press at Kampala Serena hotel, this was at the official announcement of Sanlam’s acquisition of Lion Assurance company on 21st (Tuesday) November 2017.

KAMPALA, UGANDA- Sanlam General Insurance Uganda Limited (SGIU) a subsidiary of Sanlam Emerging Markets Proprietary Limited (SEM) has successfully concluded the acquisition of close to a 100% interest in the share capital of Lion Assurance Company Limited (LAC) in Uganda, from Trans Industries Proprietary Limited and some minority shareholders, for an initial purchase price of USD6.5 million.

“Uganda is a key market in Africa and the transaction supports SEM’s strategy of bolt-on acquisitions to achieve scale.

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