FINANCIAL services company Alexander Forbes is in negotiations that could seal its third black economic empowerment (BEE) transaction in 14 years.
Alexander Forbes said on Monday it was in talks with potential empowerment partners looking to invest in its African subsidiaries.
It would not give further details on the proposed transaction.
In the rest of Africa, through Afrinet, Alexander Forbes has a presence in Namibia, Botswana, West Africa, and East Africa offering employee benefits, actuarial and investment consulting, insurance and investment services.
Last year, Alexander Forbes announced a BEE employee share ownership scheme, under which staff, especially black women, bought a 2.9% stake.
In 2002, the financial services group concluded a BEE deal with the then Shanduka Group led by businessman and current Deputy President Cyril Ramaphosa.
The Shanduka BEE ownership ended when the company exited alongside private equity partners in 2014. The exit led to the relisting of Alexander Forbes on the JSE that year.
Alexander Forbes listed at R7.50 per share in July 2014. Its share price closed at R6.80 on Monday, losing 4.23% after news of the talks.
Alexander Forbes. Picture: MARTIN RHODES
FINANCIAL services company Alexander Forbes is in negotiations that could seal its third black economic empowerment (BEE) transaction in 14 years.
Alexander Forbes said on Monday it was in talks with potential empowerment partners looking to invest in its African subsidiaries.
It would not give further details on the proposed transaction.
In the rest of Africa, through Afrinet, Alexander Forbes has a presence in Namibia, Botswana, West Africa, and East Africa offering employee benefits, actuarial and investment consulting, insurance and investment services.
Last year, Alexander Forbes announced a BEE employee share ownership scheme, under which staff, especially black women, bought a 2.9% stake.
In 2002, the financial services group concluded a BEE deal with the then Shanduka Group led by businessman and current Deputy President Cyril Ramaphosa.
The Shanduka BEE ownership ended when the company exited alongside private equity partners in 2014. The exit led to the relisting of Alexander Forbes on the JSE that year.
Alexander Forbes listed at R7.50 per share in July 2014. Its share price closed at R6.80 on Monday, losing 4.23% after news of the talks.
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