2012년 10월 14일 일요일

Hanwha looks to acquire Indonesia-based Multicor

South Korea’s life insurance company Hanwha Life Insurance is rolling up its sleeves to take over Indonesia-based insurance company Multicor. 

The acquisition price is said to be at $13 million (14.5 billion won). 

Hanhwa intends to acquire Indonesia’s insurance company Multicor, according to industry sources of the financial sector Friday. Multicor is a small-sized insurance company, ranking 42th out of the total of 45 insurance companies in Indonesia. 

“Hanwha is currently on track to acquire Indonesia’s insurance company Multicor,” said a source familiar with Hanwha’s M&A (merger & acquisition) talks. “Several more procedures are required for the finalization of the acquisition, but the acquisition is almost certain.” 

Hanwha’s attempt to enter into the Indonesian market is based on Indonesia’s huge market potential. Even with 240 million populations, Indonesia has less than five percent of insurance product subscription rate, according to local life insurance industry sources. 

Meanwhile, Hanhwa has been stepping up its efforts to tap into the overseas market by establishing its independent corporate body in Vietnam in 2008 following the set-up of a joint venture in China. 

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