FWD Unit to Acquire 25% Stake in Bolttech's Hong Kong Insurance Business

MT Newswires Live10-12

FWD Limited, a wholly owned subsidiary of FWD (HKG:1828), agreed to acquire a 25% stake in Bolttech Insurance (Hong Kong) for $20.7 million, subject to closing adjustments, according to a Monday filing with the Hong Kong stock exchange.

FWD Limited signed the share purchase agreement with Bolttech Discovery Holdings on Oct. 10.

The acquisition is subject to regulatory approval and other conditions.

FWD said the transaction would strengthen its existing partnership with bolttech in group medical insurance and expand cooperation in personal general insurance products, including product offerings, distribution and customer service.

The acquisition constitutes a connected transaction because FWD's controlling shareholder Richard Li has an indirect interest of 30% or more in bolttech.

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