Hubris Holding Ltd., a unit of Sanlam (SLM) Ltd., proposed purchasing additional stock of Pan Africa Insurance Holdings Ltd. (PAIL) to take its share to a controlling stake in the Kenya-based company offering life and general coverage.
Hubris Holdings currently owns 50 percent in Pan Africa, the company said in a statement published in the Nairobi-based Saturday Nation newspaper today. Sanlam is the largest insurer based in South Africa by market value.
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