* Holds $475 mln in surplus capital
* To raise stakes in Africa, India operations
(Adds details, background)
JOHANNESBURG, Sept 6 (Reuters) – South African insurer
Sanlam is in talks for an acquisition in Malaysia,
where it could use some of its 4 billion rand in surplus
capital, its chief executive said on Thursday.
Sanlam also aims to use the money to increase its stakes in
existing businesses in Africa and India, Johan van Zyl told
Reuters in an interview.
“We have around 4 billion rand ($475.83 million) of surplus
capital and we’ve always been cautious so we won’t spend all of
it,” van Zyl said.
“Our key aim is to work with our partners and get a bigger
stake. We know the businesses, we already have management there
and that’s the focus for the next year.”
Sanlam is considering a stake of up to 49 percent in
Malaysian insurer Pacific Orient Bhd’s (PO), a
Malaysian weekly reported last month.
Van Zyl declined a comment on the report and said Sanlam was
in talks with several players in Malaysia and was also
interested in Indonesia.
Sanlam would like to increase its shareholding in the Indian
businesses from the current 26 percent to more than 30 percent,
he said.
Continued…
