Santam buys Emerald Insurance from Super Group - 02 Sep 2009 22:43
In a bid to get rid of some of its short-term debt local logistics company SuperGroup has sold off its insurance arm - Emerald Insurance Company.
Emerald Insurance Company will have its assets transferred to the short term insurer group Santam in an effort to get rid of all non core business in a major restructuring process, the value of the Emerald Insurance deal was equal to the tangible net asset value of the company on the date of acquisition.
The Emerald Insurance deal was equal to the tangible net asset value of the company on the date of purchase.
The net value was "determined with reference to the unconsolidated audited financial statements of Emerald as at the effective date, with an adjustment to account for the difference between the carrying value and fair value of Emeralds 38% shareholding in Emerald Risk Transfer (Pty) Limited and the carrying value of non-core assets."
In a bid to get rid of some of its short-term debt local logistics company SuperGroup has sold off its insurance arm - Emerald Insurance Company.
Emerald Insurance Company will have its assets transferred to the short term insurer group Santam in an effort to get rid of all non core business in a major restructuring process, the value of the Emerald Insurance deal was equal to the tangible net asset value of the company on the date of acquisition.
The Emerald Insurance deal was equal to the tangible net asset value of the company on the date of purchase.
The net value was "determined with reference to the unconsolidated audited financial statements of Emerald as at the effective date, with an adjustment to account for the difference between the carrying value and fair value of Emeralds 38% shareholding in Emerald Risk Transfer (Pty) Limited and the carrying value of non-core assets."