Sanlam delays paying parent group Sh2.8bn
Tuesday, June 16, 2020 0:01
By VICTOR JUMA
Sanlam House, former Sanlam Kenya headquarters on Kenyatta Avenue in Nairobi.
PHOTO | SALATON NJAU | NMG
Underwriter Sanlam Kenya #ticker:SLAM has extended the repayment of a Sh2.8 billion outstanding loan it took from a unit of its parent company, Sanlam Group, to December.
“The group had acquired a loan facility from Sanlam Capital Markets totalling $34 million (Sh3.6 billion) for a period of two years whose interest is referenced to the three-month Libor plus seven percent margin,” the company says in its annual report for the year ended December 2019.
The insurer has been selling more of its properties since it built a new headquarter (Sanlam Tower) on Nairobi’s Waiyaki Way for Sh2.7 billion.
Sanlam becomes the latest Kenyan insurer to restructure or refinance its debt, joining rivals CIC Insurance Group #ticker:CIC and UAP Holdings in the process.
