Assupol concludes B-BBEE transaction with broad based women's investment company
Assupol Holdings CEO, Rudolf Schmidt and Tania Slabbert, CEO of the WDB Investment Holdings
At an official signing ceremony, Assupol Holdings Limited concluded an important Broad-based Black Economic Empowerment transaction that will see WDB Investment Holdings (Pty) Ltd, the investment arm of the WDB Group, acquire a 10% shareholding in the com
The WDB Group was established to benefit poor rural women through various programmes run by the WDB Trust, including a development microfinance programme. The agreement forms part of Assupol’s ongoing capital and shareholding restructuring process following its successful demutualisation in 2010.
In terms of the transaction, WDB Investment Holdings will subscribe for shares in Assupol Holdings, the holding company of the Assupol Group.
Commenting on the transaction, Rudolf Schmidt, CEO of Assupol Holdings said, “The implementation of the transaction with the WDB is another step in Assupol’s restructuring process following our demutualisation. We are very excited about the synergies that we have with WDB and the further opportunities that this partnership will provide to both parties to the transaction.”
Tania Slabbert, CEO of the WDB Investment Holdings, said that Assupol was an exciting investment prospect operating within the WDB’s core market and that the investment would assist in improving the access of WDB members to appropriate and affordable financial service offerings and solutions.
Assupol, which celebrates its 100th anniversary in 2013, has been restructuring its capital and shareholder base to position it for growth in South Africa’s long term investment and insurance sector.
Earlier this year Assupol concluded a ground-breaking equity transaction with the International Finance Corporation (IFC) who acquired a 17% stake in Assupol Holdings Ltd.
