South Africa's Sanlam to invest $50 mln in SMC

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New Delhi, Sep 15 (UNI) Indian brokerage SMC today said South African financial services Group Sanlam Ltd will invest 50 million dollars and form joint ventures to offer wealth and asset management services.

The investment will be in two firms of the Indian group--SMC Global Securities Ltd and SAM Global Securities Ltd, a statement said.

The funds will be used to pick up five per cent stake in each company and subscription to warrants, it added.


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