Koperasi MCIS Zurich is a life and general insurance provider in Malaysia that was formed after a merger between MCIS Insurance and Zurich in 2002.
“Sanlam Emerging Markets (SEM) will reach its 51 per cent interest in two phases – firstly through the acquisition of a 40 per cent interest from Koperasi, followed by a further 11 per cent through a take-over offer to minority shareholders,” remarked [DATA SLM:Sanlam Limited].
“The transaction is in line with Sanlam’s stated strategy to pursue value accretive growth opportunities into, amongst others, the South East Asia region. In May last year, SEM acquired a 49 per cent stake in the Malaysian niche short-term insurer Pacific & Orient Insurance Co. Berhad (POI)”.
SEM’s chief executive officer, Heinie Werth, is upbeat about the acquisition.
“We view our partnership with MCIS Zurich as an excellent business opportunity with a company which has a sound understanding of the local business environment and market conditions,” Werth noted.
SEM is a division of Sanlam Limited, one of South Africa’s leading financial services companies listed on both the Johannesburg and Namibian stock markets.
The new acquisition estimated to be worth 1.25 billion rand is in line with the group’s expansion prospects.
With approximately 2800 life agents, 600 general agents and has a footprint of 26 branches in Malaysia, MCIS Zurich currently operates.
According to Kevin Jones, chief executive officer of MCIS Zurich, the partnership with SEM signals the beginning of a new chapter in the history of the company.
“We will face the future with confidence and continue to serve our customers with dedication,” he said.
The Sanlam group operates in South Africa, Botswana, Malawi, Nigeria, Ghana, Kenya, Swaziland, Tanzania, Uganda, Zambia, Namibia, India, Malaysia and the United Kingdom.
BY TRUST MATSILELE