FWD to buy 25pc stake in Bolttech Insurance (Hong Kong) for US$20.72m

FWD (1828) said on Monday that it plans to acquire a 25 percent stake in Bolttech Insurance (Hong Kong) for a base consideration of US$20.72 million (HK$161.62 million), subject to closing adjustment.

Bolttech Insurance (Hong Kong) Company is currently a wholly-owned subsidiary of Bolttech Discovery Holdings, which is ultimately owned by bolttech Holdings. Its principal business is the underwriting of general insurance business in and from Hong Kong.

Richard Li Tzar-kai, an executive director and controlling shareholder of FWD, is considered to have a material interest in the transaction because he indirectly holds 30 percent or more of the issued shares of bolttech Holdings and accordingly abstained from voting on the board resolutions approving the transaction.

The deal offers FWD with the opportunity to acquire a non-controlling minority interest in a business that operates an established general insurance business in Hong Kong and with which it has maintained a longstanding commercial relationship, the insurer said in an exchange filing.

The move will also help to further strengthen the existing partnership between the parties in group medical insurance and to enhance cooperation in personal general insurance products, including through enhanced product offerings, distribution and customer service, it added.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓