SINGAPORE (Dec 11): Great Eastern Holdings is acquiring QBE Indonesia for US$28 million ($38.4 million) in cash to deepen its footprint in Indonesia and build up its general insurance operations into a significant business pillar for the group.

QBE Indonesia has a rich history in the Indonesian general insurance market dating back more than 100 years, providing comprehensive insurance solutions to businesses, professionals and families.

Wholly-owned subsidiary Great Eastern General Insurance (GEG) on Monday entered into a share purchase agreement to acquire 100% of the shares in PT QBE General Insurance Indonesia (QBE Indonesia), a company registered in Indonesia, from QBE Asia Pacific Holdings and QBE Insurance (International).

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook