 South Africa wants more black empowerment shareholders at group level |
The South African assurer African Life has said it will sell a 10% stake for $3.8m to a black empowerment firm. Months of talks about bringing in black empowerment shareholders at group level preceded the sale.
The sale is also in line with the largely white-owned financial services industry's empowerment charter which was published last year.
The deal will help African Life to once again be able to meet the industry's criteria.
It used to do so in the past too, but in 2000 the black empowerment group Real Africa Holdings sold its 51% stake in the group.
The 10% stake will be sold for cash to a consortium backed by Mvelaphanda Holdings.
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