Abraaj, IFC and IFC ALC Fund to sell stake in insurer Saham

Dubai: Abraaj Group, International Finance Corp (IFC) and the IFC African Latin American and Caribbean Fund (IFC ALC Fund) will sell their 37.5 per cent stake in Moroccan insurer Saham Finances, Abraaj said in a statement on Tuesday. Abraaj and its partners will sell 30 per cent of Saham to Sanlam Group and 7.5 per cent to Saham Group, it said. The sale is subject to regulatory approval and is expected to close in early 2016, it said.