Fairfax Asia Ltd. completed the acquisition of 80% of P.T. Asuransi Multi Artha Guna Tbk from PT Paninvest Tbk, PT Panin Financial Tbk, Dana Pensiun Karyawan Pan Indonesia Bank and other shareholder.
October 09, 2016
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Fairfax Asia Ltd. entered into definitive agreement to acquire 80% of P.T. Asuransi Multi Artha Guna Tbk (JKSE:AMAG) from PT Paninvest Tbk (JKSE:PNIN), PT Panin Financial Tbk (JKSE:PNLF), Dana Pensiun Karyawan Pan Indonesia Bank and other shareholder for IDR 2.2 trillion on June 27, 2016. Paninvest will sell 2593.36 million shares, Dana Pensiun Karyawan Pan Indonesia Bank 536 million shares, PT Panin Financial Tbk will sell 806 million shares and PT Panin Geninholdco will sell 64 million shares. On closing, AMAG will integrate with PT Fairfax Insurance Indonesia and become part of the Fairfax Asia group under the leadership of its Chief Executive Officer, Ramaswamy Athappan. The transaction is subject to customary closing conditions, including various regulatory approvals, the approval of the Financial Services Authority (Otoritas Jasa Keuangan) and approval from Geberal meeting of shareholders of AMAG.. The transaction is expected to close by end of fourth quarter of 2016. Goldman, Sachs (Asia) L.L.C. acted as financial advisor for Fairfax. Barclays acted as financial adviser to Panin. Ernst & Young acted as a due diligence provider to FAIRFAX INSURANCE INDONESIA, PT. Biswajit Chatterjee of Squire Patton Boggs acted as legal advisor to Fairfax Asia Limited.
Fairfax Asia Ltd. completed the acquisition of 80% of P.T. Asuransi Multi Artha Guna Tbk (JKSE:AMAG) from PT Paninvest Tbk (JKSE:PNIN), PT Panin Financial Tbk (JKSE:PNLF), Dana Pensiun Karyawan Pan Indonesia Bank and other shareholder on October 10, 2016. Hiswara Bunjamin & Tandjung acted as a legal advisor and KJPP Suwendho Rinaldy & Rekan as a Public Appraiser for PT Panin Financial Tbk.
PT Asuransi Multi Artha Guna Tbk is an Indonesia-based insurance company. The company is engaged in general insurance covering non-life insurance, either conventional or with the sharia principal. Its segments are based on class of insurance business, such as motor vehicles, health and personal accident, fire, marine cargo, and others. It provides a variety of appropriate and value-added product solutions for insurers from various walks of life. Its insurance products include fire, earthquake, property, engineering, motor vehicle, heavy equipment, cargo, burglary, money, personal accident, healthcare, and travel insurance. Its other specialty products include cash-in-ATM insurance, comprehensive machinery insurance, cash-in-management insurance, garage keeper liability insurance, fidelity guarantee insurance, moveable all risks insurance, hole in one insurance, neon sign insurance, magna micro business insurance, market consortium insurance, public liability insurance, and others.
Fairfax Asia Ltd. completed the acquisition of 80% of P.T. Asuransi Multi Artha Guna Tbk from PT Paninvest Tbk, PT Panin Financial Tbk, Dana Pensiun Karyawan Pan Indonesia Bank and other shareholder.