Sanlam: Unit buys in to Malaysian firm

Sanlam Emerging Markets was buying 51 percent of Malaysia’s MCIS Zurich Insurance for about R1.25 billion, the division of the JSE-listed insurer said yesterday. Sanlam said it would first buy a 40 percent stake in MCIS Zurich from shareholder Koperasi MCIS and then make an offer to acquire 11 percent from minority investors. Should there be a lack of interest in the offer from minorities, Sanlam would go back to Koperasi to make up the difference, it said. “Malaysia is a key part of Sanlam’s future growth strategy,” emerging markets chief executive Heinie Werth said. Sanlam shares inched up 0.2 percent to close at R55.32. – Bloomberg