QBE Insurance Group Ltd. agreed to sell its stake in its Thailand unit to King Wai Group (Thailand) PCL for an initial purchase price of 815 million Thai baht.
In a Dec. 25 press release, King Wai Group said it entered into a sale and purchase agreement with QBE Asia Pacific Holdings Ltd. and Sinkaonamahasarn Co. Ltd. to buy 98.24% shares in QBE Insurance (Thailand) PCL.
The final purchase price will comprise 295 million baht and the amount equal to 98.24% multiplied by net assets of QBE Insurance (Thailand) as of the completion date.
As of Dec. 25, US$1 was equivalent to 32.74 Thai baht.
