https://www.businessdailyafrica.com/corporate/companies/Sh1-5bn-Sanlam-loss-linked-to-ARM-woes/4003102-4735318-rrsolrz/index.html

Sanlam Kenya sank into a shock Sh1.53 billion net loss in the six months ended June largely on bad investment decisions, the non-bank financial services firm's books show.

The company was forced to write off Sh1.15 billion mainly related to bond investments in firms in financial distress, plunging it into losses from a Sh90.53 million net profit in the same period last year.

Some of the impaired assets include Sh574 million it had with troubled ARM Group (under administration) and Sh398 million in Real People Kenya – a credit-only micro-finance firm with links in South Africa.

ARM was placed under administration by Nigerian-owned UBA Bank over default of a Sh500 million overdraft on August 17, while Real People said earlier in the month it was unable to service the Sh1.26 billion bond issued in 2015 and was seeking to convert it into equity.

Sanlam Kenya, controlled by South Africa’s Sanlam through Hubris Holdings, also disclosed that it has written off Sh169 million in Kaluworks, a manufacturer of aluminium utensils and roofing sheets.

https://www.businessdailyafrica.com/corporate/companies/Sh1-5bn-Sanlam-loss-linked-to-ARM-woes/4003102-4735318-rrsolrz/index.html

Sanlam Kenya sank into a shock Sh1.53 billion net loss in the six months ended June largely on bad investment decisions, the non-bank financial services firm's books show.

The company was forced to write off Sh1.15 billion mainly related to bond investments in firms in financial distress, plunging it into losses from a Sh90.53 million net profit in the same period last year.

Some of the impaired assets include Sh574 million it had with troubled ARM Group (under administration) and Sh398 million in Real People Kenya – a credit-only micro-finance firm with links in South Africa.

ARM was placed under administration by Nigerian-owned UBA Bank over default of a Sh500 million overdraft on August 17, while Real People said earlier in the month it was unable to service the Sh1.26 billion bond issued in 2015 and was seeking to convert it into equity.

Sanlam Kenya, controlled by South Africa’s Sanlam through Hubris Holdings, also disclosed that it has written off Sh169 million in Kaluworks, a manufacturer of aluminium utensils and roofing sheets.