RSA announces sale of its minority holding in Thailand
RSA Insurance Group plc today announces that on 19 December 2014 it agreed and completed the sale of its 21.75% holding in Thailand insurer Syn Mun Kong (“SMK”) to LeapFrog Thailand Holdings Ltd and Mindo Asia Investments Limited, an affiliate of Lombard Investments, Inc. of San Francisco, USA.
RSA received cash consideration of £36m, and the transaction is expected to result in a gain on sale of approximately £22m and an addition to the Group’s tangible net assets of approximately £19m.
Stephen Hester, RSA Group Chief Executive said: “This transaction continues the excellent momentum of our announced disposals in 2014 and represents further progress in tightening the strategic focus of the Group.”
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|Rupert Taylor Rea||Louise Shield|
|Tel: +44 (0) 20 7111 7140||Tel: +44 (0) 20 7111 7047|
|Louise Jordan||Kaidee Sibborn|
|Tel: +44 (0) 20 7111 1891||Tel: +44 (0) 20 7111 7137|
Notes to editors:
Goldman Sachs (Asia) L.L.C. acted as Sole Financial Advisor to RSA Group
With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. RSA has core operations in the UK, Scandinavia, Canada, Ireland and Latin America. Focusing on general insurance, RSA has around 21,000 employees and, in 2013, its net written premiums were £8.7 billion.
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