MLC raises stake in RI firm

Fri, 17 Jul 1998 | Source: REUTERS

SYDNEY (Reuters): MLC Ltd, the life insurance and funds investment arm of Lend Lease Corp Ltd, said yesterday it has increased its investment in Indonesian life insurance joint venture Simas Lend Lease Life.

MLC said it would spend A$2.7 million to increase its stake in the venture to 80 percent from 50 percent, as the company continued to seek opportunities to expand its Asian business.

"Despite short term concerns and volatility, MLC is committed to participating in the medium to longer term growth opportunities in Indonesia," said MLC Financial Services Asia chief executive Terry Baker.

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