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Paninvest completes sale of stake in general insurer to Fairfax Asia

PT PaninvestTbk completed the sale of a 53.15% stake in to FairfaxAsia Ltd. for a total consideration of 1.435 trillion Indonesian rupiah.

Paninvest said Oct. 11 that it sold a 51.85% stake in thegeneral insurer for 1.400 trillion rupiah, while its subsidiary PT PaninGeninholdco sold a 1.30% stake for 35.05 billion rupiah.

The sale was completed Oct. 10, after which Paninvest'sstake in Asuransi Multi Artha Guna dropped to 3.8%. As such, thegeneral insurer's financial statements will no longer be consolidated withthose of Paninvest.

Fairfax Asia is a unit of Canada's

As of Oct. 10, US$1was equivalent to 12,972.50 Indonesian rupiah.