{"id":14794,"date":"2012-09-19T16:39:59","date_gmt":"2012-09-19T14:39:59","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/text-fitch-no-rating-impact-on-pacific-orient-insurance-from-sanlams-buy-plan\/"},"modified":"2012-09-19T16:39:59","modified_gmt":"2012-09-19T14:39:59","slug":"text-fitch-no-rating-impact-on-pacific-orient-insurance-from-sanlams-buy-plan","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/text-fitch-no-rating-impact-on-pacific-orient-insurance-from-sanlams-buy-plan\/","title":{"rendered":"TEXT-Fitch: No rating impact on Pacific &amp; Orient Insurance from Sanlam&#8217;s buy plan"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(The following statement was released by the rating agency)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Sept 19 &#8211;  Fitch Ratings says there is no impact on Pacific  Orient Insurance Co. Berhad&#8217;s<br \/>\n(POI) Insurer Financial Strength &#8216;BBB&#8217; Rating (Stable) from Sanlam Limited&#8217;s (Sanlam;<br \/>\n&#8216;AA-(zaf)&#8217;\/Stable) proposed acquisition of a 49% stake in the Malaysian insurer.<\/p>\n<p><span><\/span><\/p>\n<p>Pacific  Orient Berhad (POB), POI&#8217;s immediate parent, said it is in preliminary<br \/>\nnegotiations on the possible sale of a 49% interest in POI to Sanlam after the<br \/>\ngrant of consent by Bank Negara Malaysia. Sanlam is a diversified financial<br \/>\nservices group based in South Africa offering insurance and financial services<br \/>\nto individuals and institutional clients.<\/p>\n<p><span><\/span><\/p>\n<p>In view of POB&#8217;s controlling equity stake after the sale, Fitch does not expect<br \/>\nthe proposed acquisition to result in a material change in POI&#8217;s business<br \/>\nstrategy, capital management plan and financial performance.  Fitch will<br \/>\ncontinue to monitor the transaction and evaluate its implications to the credit<br \/>\nprofile of POI if and when the sale is completed.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(The following statement was released by the rating agency) Sept 19 &#8211; Fitch Ratings says there is no impact on Pacific Orient Insurance Co. Berhad&#8217;s (POI) Insurer Financial Strength &#8216;BBB&#8217; Rating (Stable) from Sanlam Limited&#8217;s (Sanlam; &#8216;AA-(zaf)&#8217;\/Stable) proposed acquisition of a 49% stake in the Malaysian insurer. Pacific Orient Berhad (POB), POI&#8217;s immediate parent, said [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14794","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14794"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14794\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}