Great Eastern Holdings said on Monday it entered a deal to sell 5 percent of PT QBE General Insurance Indonesia to PT Suryasono Sentosa, or PTSS, to meet local shareholding requirements.
In December, Great Eastern’s wholly owned subsidiary, Great Eastern General Insurance, or GEG, agreed to acquire all of QBE Indonesia for US$28.0 million from QBE Asia Pacific Holdings and QBE Insurance (International).
Great Eastern on Friday amended its agreement with QBE so that upon the deal’s completion, QBE will transfer the 5 percent stake to PTSS, it said in a filing to SGX on Monday before the market open.
The estimated consideration for the 5 percent stake is US$1.4 million, or around S$1.9 million, or around 5 percent of the QBE Indonesia transaction price, it said.
Completion of both transactions is subject to approval from Otoritas Jasa Keuangan, or Indonesia’s financial services authority, and the Monetary Authority of Singapore, the filing said.