Sanlam gets regulatory approval to boost stake in Pan Africa Insurance.

By bne IntelliNews January 7, 2013
Kenyas competition regulator has given the green light to Sanlam, South Africas second-biggest insurer, to buy additional shares in Pan Africa Insurance and gain a controlling stake in the Kenyan insurer, Business Daily reported. Sanlam currently holds about 50% stake Pan Africa Insurance, which is listed on the Nairobi Securities Exchange (NSE), and wants to boost its stake to 60% by acquiring about 9.6 million estimated at some KES 268mn (EUR 2.4mn) at current market prices. Sanlam has said it would make some reorganizations in Pan Africa Insurance after gaining a controlling stake in it. Kenyas insurance law does not allow a foreign investor to own more than 66% of a local insurer. Pan Africa Insurance posted a 24.8% yearly decline in net profit for 2011 to KES 443mn hit by lower valuations of its bonds and equities portfolios. Sanlam recently agreed to buy a 49% stake in Malaysian short term insurer Pacific & Orient Insurance Co Berhad (POI) for some EUR 68mn and said it was looking for acquisition opportunities in Indonesia.
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