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Sanlam to buy 51% of Malaysian insurer

Cape Town - Financial services giant Sanlam [JSE:SLM] said on Wednesday it would acquire a majority stake in Malaysia's MCIS Zurich Insurance Berhad for about R1.25bn, further expanding its footprint in the southeast Asian nation.

Sanlam said it would initially buy 40% from a major shareholder, Koperasi MCIS Berhad, and another 11% through an offer to minority shareholders.

After the purchase, MCIS Zurich will have to dispose of its short-term insurance business as Malaysian regulations do not allow an investor to operate more than one life or general insurance licence.

Sanlam already has a short-term insurance business in Malaysia after acquiring a 49% share in Pacific & Orient Insurance Co. in 2013.

Sanlam, which also has operations in India and 15 African countries, has a war chest of more than R3.9bn for acquisitions in emerging markets this year.
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