South African Billionaire, Patrice Motsepe, is set to be the biggest beneficiary of the Sanlam Asset Management Black Economic Empowerment deal which was announced yesterday (20 August 2020).
Motsepe’s African Rainbow Capital will purchase 25% of a new subsidiary of Sanlam called NEWCO.
NEWCO Managament will be allowed to buy up to 5% of NEWCO.
Sanlam also made senior management appointments for the new subsidiaries.
Motsepe is a material shareholder in Sanlam through Ubuntu-Botho and the new acquisition will increase his stake further.
