19th Dec 2014 09:25
RSA announces sale of its minority holding in Thailand
RSA Insurance Group plc today announces that on 19 December 2014 it agreed and completed the sale of its 21.75% holding in Thailand insurer Syn Mun Kong (“SMK”) to LeapFrog Thailand Holdings Ltd and Mindo Asia Investments Limited, an affiliate of Lombard Investments, Inc. of San Francisco, USA.
RSA received cash consideration of £36m, and the transaction is expected to result in a gain on sale of approximately £22m and an addition to the Group’s tangible net assets of approximately £19m.
Stephen Hester, RSA Group Chief Executive said: “This transaction continues the excellent momentum of our announced disposals in 2014 and represents further progress in tightening the strategic focus of the Group.”
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Enquiries:
| Analysts | Press | ||
| Rupert Taylor Rea | Louise Shield | ||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7047 | ||
| Louise Jordan | Kaidee Sibborn | ||
| Tel: +44 (0) 20 7111 1891 | Tel: +44 (0) 20 7111 7137 |
Notes to editors:
Financial Advisors
Goldman Sachs (Asia) L.L.C. acted as Sole Financial Advisor to RSA Group
About RSA
With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. RSA has core operations in the UK, Scandinavia, Canada, Ireland and Latin America. Focusing on general insurance, RSA has around 21,000 employees and, in 2013, its net written premiums were £8.7 billion.
Important Disclaimer
This press release may contain ‘forward-looking statements’ with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as “may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”, “seek”, “continue” or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group’s control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group’s forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.
Copyright Business Wire 2014
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