Manulife boosts RI stake

Manulife boosts RI stake

JAKARTA (JP): Manulife Financial announced on Tuesday it has
acquired a 40 percent share of PT Dharmala Sakti Sejahtera in PT
Asuransi Jiwa Manulife Indonesia, raising its stake in the
company to 91 percent.

The shares were offered in an open bid on Oct 26. Manulife
Financial emerged as the highest bidder with a bidding price of
Rp 170 billion ($20 million), the company said in a statement.

"We are pleased to prove our commitment to the Indonesian
market by investing further in Indonesia," Vic Apps, executive
vice president and general manager of the Asian division of
Manulife Financial said in a statement.

He said the remaining 9 percent of the shares are still held
by the International Finance Corporation (IFC), an affiliate of
the World Bank.

Manulife Indonesia is a joint venture company established in
Indonesia in 1985. It now holds 7 percent of the life insurance
market in the country, and has assets worth Rp 1.1 trillion ($155
million). (tnt)