Shares in South African life assurer Sage (SGG) rocketed 16.67 percent yesterday morning following its confirmation that it has received and is examining a number of proposals from major institutions seeking to purchase both its US and Bermuda businesses.

However, the shares came off their highs in the afternoon, ending the day a still-impressive 13.33 percent to the good.

At the close Sage was quoted at 170 cents - up 20 cents from its previous close. Its high for the day was 175 cents.

Negotiations were expected to be completed in early March after which a further announcement would be made, it said in a statement on Tuesday.

Sage disclosed last month that despite ongoing capital raising negotiations, it had been decided to halt any new business operations in the US from January 1.

However, it said it would retain administrative capabilities in the US to service existing business.

In the case of the Group's Bermudan operations it was stated that negotiations for additional reinsurance facilities and permanent capital were in progress which, if successfully concluded, would ensure viability and continuity and consequently the Bermudan operations would remain fully operational and open for new business.