FAI buys Indonesian firm

FAI buys Indonesian firm

SYDNEY (Reuters): FAI Insurances Ltd said yesterday it expected to announce a joint venture with an Indonesian insurer in coming weeks as part of its Asian growth strategy.

FAI has said earlier it has been reviewing three acquisitions, to be funded from internal funds.

"We will probably announce one, the Indonesian one in the next few weeks," chief executive Larry Adler told reporters after the annual meeting.

"The Malaysian one we will continue to discuss and the other one, with the prices and the currencies we are being very reserved," he said.

Adler said FAI believed it was an opportune time to buy into Asia as a long-term investor.

The Indonesian purchase would be in the A$3-A$6 million range, and the potential Malaysian purchase in the A$10-A$15 million range.