Oct 05, 2011
AON SA to sell stake to black investorsBack
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Vurhonga Consortium comprises the Tamela Consortium and Precious Prospects, a women’s group.
Aon South Africa chairperson and CEO Anton Roux said the deal was a positive move towards broad-based empowerment, particularly with the strong female ownership within the consortium.
He said the company would continue to target strong growth in the public and corporate sectors, areas which it believed Vurhonga Consortium could use their expertise.
Vurhonga Consortium chairperson Vusi Mahlangu was pleased to pursue new growth areas after a period of acquisitive growth in the country.
Aon South Africa has engaged in a strong growth strategy in recent years, in which it has acquired QED Actuaries & Consultants, Shield Financial Services, Heritage Insurance Brokers, Pennant and Pinion Insurance Brokers and more recently, Glenrand MIB.
Roux said transformation would continue to play an important part of the company’s growth strategy in South Africa.
It is expected that the transaction will be concluded by the end of October.
Precious Prospects chairperson Dr Namane Magau will resign from her position on the Santam board before joining the board of Aon South Africa.
Vurhonga Consortium’s Makole Maponya and Mahlangu will serve as its representatives on the board of Aon South Africa.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
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