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FINANCIAL SERVICES | Staff Reporter, Singapore

Great Eastern to acquire Indonesian insurance frm for U$28m

PT QBE General Insurance Indonesia will be absorbed as subsidiary.

Great Eastern Holdings (GEH) through its wholly-owned subsidiary Great Eastern General Insurance Limited (GEG) is buying Indonesian insurer PT QBE General Insurance Indonesia, from QBE Asia Pacific Holdings Limited and QBE Insurance (International) Pty Limited for US$28m ($38.4m).

Following the sale, QBE Indonesia will become a wholly-owned subsidiary of GEH.

Also read: Great Eastern Holdings profits crashed 26% to $213.3m in Q3

The total consideration was arrived at following negotiations on a willing-buyer, willing-seller basis, based on the book value of QBE Indonesia in June and taking into account factors like existing assets, financial position and business prospects. The book value and net tangible asset value of QBE Indonesia stood at $43.1m (IDR452b) in the first half of 2018.

The sale is still subject to the final approval of the Otoritas Jasa Keuangan and the Monetary Authority of Singapore

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