Enterprise Limited (Enterprise Group) has informed the Ghana Stock Exchange of an impending transaction to introduce a new strategic partner in place of Salam Emerging Markets Proprietary Limited of South Africa in three of its subsidiary companies, namely Enterprise Life, Enterprise Insurance and Enterprise Trustees.
Enterprise Group will retain its majority stake in each of these subsidiary companies.
The new strategic partner is Black Star Holdings Limited (BSHL), which, according to a statement issued by Enterprise Group, is a wholly owned subsidiary of Leapfrog Strategic African Investments (LSAI).
The statement said LSAI is separate accounts managed by LeapFrog Investments (LP) and in which Prudential Financial, Inc is a primary investor. “LI have $1 billion in assets under management and a portfolio of companies across Africa and Asia focused on financial services and health”.
The statement noted that BSHIL will acquire Sanlam’s stake in the tree subsidiary companies of Enterprise Group for US$130 million. “BSHL has also committed funds to support Enterprise Group’s growth agenda over the coming years.
Board Chairman of Enterprise Group, Mr. Trefgarnie, said: “This is an exciting transaction for Enterprise Group. With our new partner, LI, we expect to be able to grasp growth opportunities both in Ghana and across the wider West African Regions. Enterprise appreciates the long and productive association with Salam in Ghana over the past 12 years.”
Chief Executive Officer, Keli Gadzekpo, said Enterprise Group was delighted to welcome LI into the group. “They bring an incredible network of global insurance contacts and experience, and also the capacity to provide growth capital towards the realisation of our very ambitious strategy objectives. We are pleased they have chosen to partner with us.”
Duog Lacey, who co-led the transaction with Norm Kelly on behalf of LSAI, observed that “Enterprise Group is a pioneer in delivering vital financial services to emerging customers in Ghana. Its leading position in the financial services, as well as dominance in insurance with over 28 per cent of the market, is a testament to the quality of the financial services it provides.”
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