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Sanlam concludes acquisition of Malaysian Pacific & Orient Insurance

17 May 2013 Sanlam

South African financial services group Sanlam is pleased to announce that all conditions precedent have been met to conclude the acquisition of a 49% stake in the Malaysian niche short-term insurer Pacific & Orient Insurance Co. Berhad (POI).

The value of the transaction is Malaysian Ringgit (MYR) 270 million (approximately R814 million) and the effective date of the transaction is 17 May 2013.

The transaction is being executed by Sanlam Emerging Markets (SEM), the business cluster responsible for Sanlam Group's international expansion into selected emerging markets.

The 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.

Says Sanlam Emerging Markets CEO, Mr Heinie Werth: “We look forward to a fruitful and long working relationship with the team from POI. We are also looking at other opportunities in the region, but the immediate focus is on bedding down this investment”.

Established in 1972, POI is wholly owned by Pacific & Orient, which is listed on the Main Board of the Bursa Malaysian Securities Berhad. POI’s business is predominantly focused on motorcycle insurance and the company has a significant market share in this segment, making it the largest motorcycle insurer in Malaysia.

“We believe there is a good cultural fit between POI and Sanlam which will facilitate our focus on strengthening our relationship to drive business growth and establish a mutually beneficial and sustainable partnership,” concludes Werth.

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