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Sanlam Emerging Markets to acquire 51 pct of MCIS Zurich Insurance

Wednesday, 23 Apr 2014 02:00am EDT 

Sanlam Ltd:Sanlam Emerging Markets Proprietary Limited (SEM) signs sale and purchase agreement (SPA) between SEM and Koperasi MCIS Berhad (Koperasi).For SEM to acquire 51 pct of the shares of MCIS Zurich Insurance Berhad (MCIS Zurich) for about 1.25 bln rand.SEM will reach its 51 pct interest in two phases.Firstly through the acquisition of 40 pct interest from Koperasi followed by a further 11 pct through a take-over offer to minority shareholders that will directly follow SEM’s initial 40 pct acquisition. 

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18 Dec 2014