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.