(Business in Cameroon) - Insurer Saham Life Insurance Cameroon increases its capital share to XAF3.12 billion from XAF1.37 billion previously, an improvement by XAF1.75 billion.
The company is expecting some major changes in May this year. Indeed, shareholders are invited to an extraordinary meeting May 6 in Douala to discuss points including the capital increase. The Board plans to cancel shareholders' preferential rights to subscribe at the time of the capital increase; a move which is said to ease the entry of new shareholders including South Africa’s Sanlam Group, the major shareholder.
Further, Saham also aims to amend its charter. Created by Cameroonian Protais Ayangma, the company officially changed majority shareholder on October 9, 2018. It was originally known as the National Insurance Company (CNA), then La Citoyenne Assurance, then Colina (2008), and finally took the name of Saham Assurance Cameroun in 2014.