South Africa's Sanlam scouring S.E. Asia for a life insurer
JOHANNESBURG, Sept 5
JOHANNESBURG, Sept 5 (Reuters) - South Africa's Sanlam said on Thursday it planned to spend surplus capital to acquire a life insurer in South East Asia and raise its stakes in its Indian businesses if the government lifted a cap on foreign ownership.
Chief Executive Johan van Zyl said Sanlam, which had 3.2 billion rand ($313 million) in cash at the end of June, would be spending between 500 and 800 million rand for a life insurer in Malaysia or Indonesia.
It had earmarked 800 million rand for India, van Zyl told Reuters. ($1 = 10.2185 South African rand) (Reporting by Helen Nyambura-Mwaura; Editing by Ed Cropley)
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