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Completion of the transfer of the group risk and retail life businesses to Sanlam Life
Alexander Forbes Group Holdings Limited
(Incorporated in the Republic of South Africa)
Registration Number: 2006/025226/06
JSE Share Code: AFH and ISIN: ZAE000191516
“Alexforbes” or “the company” or “group”)
COMPLETION OF THE TRANSFER OF THE GROUP RISK AND RETAIL LIFE BUSINESSES TO SANLAM LIFE
Shareholders are referred to the announcement released by Alexforbes on the Stock Exchange News
Service (SENS) of the JSE Limited on 14 June 2021 (‘Transfer of the group risk and retail life businesses
to Sanlam Life’), regarding the conclusion of a binding agreement with Sanlam Life Limited (Sanlam), a
subsidiary of Sanlam Limited, for the sale and transfer of the group risk and retail life business operations
within Alexander Forbes Life Limited (AF Life or the Business), subject to the fulfilment of certain
conditions precedent (the Transaction). AF Life is a wholly owned subsidiary of Alexander Forbes Limited,
a 100% held subsidiary of Alexforbes.
Under the terms of the Transaction, AF Life entered into a sale and transfer agreement whereby the
current policies at the effective date of sale will be transferred to Sanlam in accordance with section 50 of
the Insurance Act 18 of 2017. The total cash consideration is R100 million, 50% of which will be deferred
in two equal payments, 12 and 24 months, from the effective date subject to the achievement of agreed
metrics. The proceeds will form part of the surplus capital of the group.
Shareholders are hereby advised that the suspensive conditions precedent to the Transaction have been
fulfilled and the parties will therefore proceed to implement the Transaction in accordance with its terms.
The effective date of the Transaction is 31 March 2022.
The disposal of AF Life is in line with the group strategy, concludes the exit of its insurance businesses
and delivers on the implementation of its advice-led and capital-light strategy.
Carina Wessels
Executive: Governance, Legal and Compliance (Company Secretary)
1 April 2022
Sandton
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal advisor to Alexforbes
BOWMAN GILFILLAN
Date: 01-04-2022 07:05:00
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