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.