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)