Great Eastern Holdings

INSURER Great Eastern, which is majority owned by Singapore lender OCBC, has entered into a share and purchase agreement to divest a minority stake in Indonesia insurance firm, QBE Indonesia, for some US$1.4 million. The buyer, PT Suryasono Sentosa, will receive a 5 per cent stake in QBE Indonesia following the transaction, which is subject to approval by Indonesia's financial services authority, Otoritas Jasa Keuangan, and the Monetary Authority of Singapore.

The move comes after Great Eastern said on Dec 11 that it would sell a minority stake in QBE Indonesia after acquiring it to satisfy Indonesian shareholding requirements.