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Thai Reinsurance closes EMCS Thai share purchases

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Thai Reinsurance closes EMCS Thai share purchases

Thai Reinsurance PCL acquired the rest of the shares of EMCS Thai Co. Ltd. that it did not already own from Thaire Life Assurance PCL.

The company said Nov. 21 that the transaction of 1.2 million shares at 50 baht each took place Nov. 16, following regulatory approval. Following the transaction, the company now owns 5,999,998, or 100%, of EMCS' registered and paid-up shares.

In July, Thai Reinsurance said it would buy the remaining 51% stake in EMCS from four parties, including Thaire Life Assurance, for 153 million baht. Thailand's Office of Insurance Commission had already approved Thai Reinsurance's purchase of shares from the other three parties.

As of Nov. 21, US$1 was equivalent to 32.76 Thai baht.