Nov 8, 2010

Bhakti Capital takes over UOB Life

Publicly listed investment firm PT Bhakti Capital Tbk (BCAP) has legally accomplished the acquisition of PT UOB Life-Sun Assurance (UOB Life).
The sale and purchase agreement has been signed on November 5 2010.
In the official statement submitted to Indonesia Stock Exchange (IDX), said UOB Life is insurance provider which previously owned by Pri Life Assurance (as majority shareholder), PT Bank UOB Buana, and PT Sun Antarnusa Investment.
Hence, Bhakti Capital officially took over 99.9% stake of UOB Life, which will be switched its name to MNC Life Assurance,
President Director Darma Putra at Bhakti Capital said the acquisition will give positive implication and enable the company to enhance its presence as investment company of its fully integrated financial services business as well as to strengthen financial platform. But, Bhakti Capital hasn't declared the acquisition value. 

Disclosure: No position at the stock mentioned above.
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