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Another deal

05 May 2005 Angelo Coppola

Zurich Financial Services Group (Zurich), the majority shareholder of SA Eagle Insurance Company Limited (SA Eagle) has signed an agreement to sell a 10% stake of the total issued share capital of SA Eagle to Royal Bafokeng Finance RBF), a company wholly-

As part of the agreement, RBF is entitled to nominate one director to the SA Eagle Board and it has an option to increase its shareholding in line with the ownership requirements of the Financial Sector Charter.

SA Eagle has undertaken, in line with the terms of the Charter, to fund specific projects nominated by RBF in areas such as corporate social investment, enterprise development and empowerment financing, subject to approval by the SA Eagle Board.

SA Eagle Managing Director, Nick Beyers comments: “We are enthusiastic about the transaction with Royal Bafokeng Finance, which reflects the commitment of SA Eagle and Zurich to Black Economic Empowerment initiatives.”

Beyers adds: “We see in Royal Bafokeng Finance a business partner with whom we can collaborate to deliver on the BEE objectives as set out in the Financial Sector Charter.”

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