Sasfin Chief Executive Roland Sassoon says that this powerful partnership is a significant step for the future success of Sasfin. “Wiphold’s impressive history in the financial services sector makes them an ideal partner in setting Sasfin on a path for the future growth of Sasfin and the economy. WIPHOLD founders Louisa Mojela and Gloria Serobe, as well as the senior leadership of WIPHOLD, will add significant value and strategic guidance to our organisation.
“This transaction makes Sasfin one of the country’s most empowered banks from an ownership perspective and underscores Sasfin’s commitment to transformation,” he adds.
WIPHOLD founders Louisa Mojela and Gloria Serobe say that financial services have always been a key focus for WIPHOLD. The sector is a cornerstone of any economy and critical to realising WIPHOLD’s vision of the economic empowerment of black women.
“We are therefore delighted to further build our operational presence in the sector through our new partnership with Sasfin. WIPHOLD focuses on investing in businesses that we believe have the ability to deliver strong returns over the long-term and that have high calibre management and impeccable corporate governance. Sasfin more than meets those criteria. We look forward to working together to grow and transform the business,’’ Serobe said.
The Sassoon family has maintained a significant shareholding of approximately 40% in Sasfin even though some shares were sold to facilitate this transaction.
The transaction was done at close to market price and was fully funded by WIPHOLD. The deal saw 8 107 662 shares issued to WIPHOLD at R51 per share on Monday, 30 October 2017. The transaction involved a voluntary sale back of shares to the company by existing shareholders so as to avoid dilution and expropriation.
WIPHOLD and Sasfin have also entered into a services agreement in terms of which WIPHOLD will provide Sasfin with services relating to promoting and growing Sasfin.