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.