South Africa's Liberty sets aside more than $87M for African purchases

Liberty Holdings Ltd., the insurer controlled by Standard Bank Group Ltd., said it has more than 1 billion rand ($87 million) to make acquisitions in Africa and plans to raise more funds if needed.

“We intend to raise capital for large acquisitions, so if a big one lands then we’ll probably do a combination of debt and equity,” Thabo Dloti, head of the Johannesburg-based insurer, said by phone on Thursday. “The big issue is bolstering our East African businesses. We also need sizable businesses in West Africa — we need insurance and we also need asset management in Nigeria.”

Read more: Liberty Sets Aside More Than $87 Million for African Purchases – Bloomberg Business.