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S.Africa's Sanlam eyes Malaysia acquisition
JOHANNESBURG, Sept 6 |
JOHANNESBURG, Sept 6 (Reuters) - South African insurer Sanlam is in talks for an acquisition in Malaysia, where it could use some of its 4 billion rand in surplus capital, its chief executive said on Thursday.
Sanlam also aims to use the money to increase its stakes in existing businesses in Africa and India, Johan van Zyl told Reuters in an interview.
"We have around 4 billion rand ($475.83 million) of surplus capital and we've always been cautious so we won't spend all of it," van Zyl said.
"Our key aim is to work with our partners and get a bigger stake. We know the businesses, we already have management there and that's the focus for the next year."
Van Zyl said Sanlam would like to increase its shareholding in the Indian businesses from the current 26 percent to more than 30 percent. (Reporting by Helen Nyambura-Mwaura; editing by David Dolan)
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