On 30 April 2019, the Company subscribed to 60% of Wesmart Financial and Administration Solutions Proprietary Limited through its wholly owned subsidiary RH Financial Services for a total cash consideration of R2,75 million and corporate guarantee of R3 million. Wesmart is registered as an authorised Financial Services Provider, (FSP: 45769) and has received exemption in terms of the Demarcation Regulations from the Council for Medical Schemes (CMS) under exemption number DM1122. Wesmart provides both “off the shelf” and tailor-made solutions to corporate employers who are looking to provide both primary and tertiary healthcare benefits to their employees.
Deal Rationale
Our strategic rationale for purchasing Wesmart is to provide coverage to the working uninsured and in so doing provide them with coverage allowing them to access healthcare.
