Black Star Holding Limited (BSHL), a wholly owned subsidiary of LeapFrog Strategic African Investment (LSAI), has acquired stakes in three subsidiaries of Enterprise Group.
The three subsidiaries are Enterprise Life, Enterprise Insurance and Enterprise Trustees.
BSHL takes over the ownership which hitherto belonged to Sanlam Emerging Market Proprietary Limited of South Africa (Sanlam).
Per the new arrangement, LeapFrog Investments will inject a cash of $180 million.
Of the amount, $130 million will replace Sanlam’s investment share while an additional $50 million will be channelled into the growth of Enterprise Group.
Doug Lacey, who co-led the transaction with Norm Kelly on behalf of LSAI, observed Enterprise Group’s commitment represents LeapFrog’s largest investment to-date and marks the first investment of LSAI, a fund in which Prudential Financial, Inc. is the primary investor
He added that "Enterprise Group is a pioneer in delivering vital financial services to emerging consumers in Ghana. Its leading position in financial services, as well as dominance in insurance with over 28 per cent of the market, is a testament to the quality of the financial services it provides."
Also, the Group CEO of Enterprise, Kelly Gadzekpo stated that its new partners will change the paradigm to enable the company launch into new markets within the short to medium term.
“Our partner brings a depth of insurance over a billion dollars worth of insurance transactions in Africa alone. They change the paradigm for us,” he said.
Mr. Gadzekpo further indicated that the change in the partnership will not affect the current operations of the subsidiaries in question.
In his view, the move will also not result in any staff layoffs.
“Operationally nothing will change but over time we will develop a strategy of entering more aggressively into the West African sub-region… There is no impact on staff situation; as far as this partnership is concerned, nothing changes,” he assured.
Story by Ghana | Myjoyonline.com
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