Sanlam Extends Deal With Billionaire Motsepe for Another Decade

Sanlam Ltd., the largest South Africa-based insurer, said it has extended its partnership with Ubuntu-Botho Investments, led by billionaire Patrice Motsepe, for another 10 years to ensure Sanlam has black shareholders.

“Both parties will jointly explore and pursue opportunities of common interest while Sanlam will assist Ubuntu-Botho in its strategy to establish an independent financial services business,” the Cape Town-based insurer said in its annual report, published on Thursday. The Sanlam Ubuntu-Botho Community Development Trust “will now actively contribute to the initiatives of both Sanlam and Ubuntu-Botho Investments aimed at supporting poor and disadvantaged communities,” the insurer said.