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ClearView Wealth looks for Asian buyer as majority shareholder seeks exit

ClearViewWealth Ltd. is looking for possible buyers in Asia to facilitatethe proposed exit ofmajority shareholder Crescent Capital Partners from the company, The Sydney Morning Herald reported July11, citing Managing Director Simon Swanson.

Swanson said he is particularly focused on wooing mid-marketinsurers in Japan, South Korea and China, and ruled out selling the stake tolocal entities. Swanson said he is also open to delisting ClearView Wealth fromthe Australian Securities Exchange in case someone makes "a big enoughoffer that makes sense."

The company is working with Morgan Stanley to find a buyer.

Morgan Stanley also assisted the company in around A$46 millionthrough share offers to institutional and retail investors. Crescent CapitalPartners fully subscribedto its entitlement through the institutional component of the share sale.

In May, Gary Weiss stepped down as chairman to assess possible buyoutoptions, according to the report. Weiss owns an approximately 5% stake in thecompany.

As of July 11, US$1was equivalent to A$1.33.