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QBE Insurance to sell Thailand unit

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.