CLOSE X
Advertisement

Sanlam: Unit buys in to Malaysian firm

Companies
Share this story

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

Share this story
Advertisement
X