Fin24

Sanlam eyes stake in Malaysian insurer

2012-08-13 11:54


Kuala Lumpur - Financial services provider Sanlam Ltd [JSE:SLM] is considering a stake of up to 49% in Malaysian insurer Pacific & Orient Bhd's (P&O), The Edge Weekly said over the weekend, quoting unidentified sources.

Sanlam may pay over two times the net assets of P&O and it plans to submit documents for approval to the central bank by September, the Malaysian business weekly said.

In addition to being the second largest life insurer in South Africa, Sanlam operates personal finance and insurance businesses across Africa, Europe, India, Australia and the US.

P&O officials were not immediately available for comment. Sanlam was also not available for comment during Asian hours.

Prudential Holdings has previously set it sights on P&O in 2010 although talks were discontinued three months later.