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Sanlam to acquire 49% of POB

Nov 26 2012 17:01 I-Net Bridge

Company Data

Sanlam Limited [JSE:SLM]

Last traded 60.84
Change -1.03
% Change -0.02
Cumulative volume 4325028
Market cap 131.81bn

Last Updated: 23/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Financial services group Sanlam [JSE: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.
sanlam  |  acquisition
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