Sanlam to buy 49% of Malaysian insurer

Comment on this story


Sanlam

Independent Newspapers.

Sanlam's Bellville head office in the Western Cape. Picture: David Ritchie.

South African based financial services group Sanlam (SLM) announced on Monday that it has received approval from Bank Negara Malaysia and the Malaysian Minister of Finance to acquire a 49% shareholding in Malaysian short term insurer Pacific & Orient Insurance Co Berhad (POI) from Pacific & Orient Berhad (POB).

The acquisition is subject to the signing of the Sale and Purchase and Shareholders’s agreements. In addition‚ approval is also required from the shareholders of POB.

In terms of the JSE Limited Listings Requirements‚ this transaction is not a categorised transaction.

Further details will be announced in due course.

The proposed transaction is in line with Sanlam’s stated strategy to pursue profitable growth opportunities in selected emerging markets and represents Sanlam’s first step into the important South East Asia region. - I-Net Bridge


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks