Thursday, Mar 08, 2012
DUBAI (Zawya Dow Jones)--Dubai-based Abraaj Capital, the Middle East's biggest private equity firm, late Wednesday said it made a $125 million investment through its funds in Saham Finances, an insurance holding company based in Morocco.
The deal would support Saham's expansion across Africa, partly through planned acquisitions, Abraaj said.
"The company has one of the best management teams in the sector and a history of successful acquisitions and integrations," Matteo Stefanel, a senior partner at Abraaj, said in a statement.
Saham has three majority-owned subsidiaries that provide insurance in Morocco and 10 other countries in Africa. One of the subsidiaries, CNIA Saada, is listed on the Casablanca Stock Exchange.
The deal follows a EUR90 million investment in Saham by the International Finance Corporation and one of its funds in January. The IFC, a member of the World Bank Group, is a global development body that invests in the private sector.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
08-03-12 0426GMT
