Sanlam to acquire 49% of Malaysian Pacific and Orient Insurance

South African based financial services group Sanlam is pleased to announce that it has received approval from Bank Negara Malaysia and the Minister of Finance (Malaysia) to acquire a 49% shareholding in Malaysian short term insurer Pacific & Orient Insura

The acquisition is subject to the signing of the Sale and Purchase and Shareholders’ 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.