MCIS Remarry Sanlam

Sanlam Emerging Markets, a unit of South African insurance company Sanlam Ltd., said it’s buying 51 percent of Malaysia’s MCIS Zurich Insurance Berhad for about 1.25 billion rand ($118.4 million).

 

Sanlam will first buy a 40 percent stake in MCIS Zurich from shareholder Koperasi MCIS Berhad and then make an offer to acquire 11 percent from minority investors, the Cape Town-based company said in a statement today. Should there be a lack of interest in the offer from minorities, Sanlam will go back to Koperasi to make up the difference, it said.