| Mon 10 Dec 2001, 0:00 | | Alexander Forbes Limited - Press Release |
|
MERGER OF ALEXANDER FORBES INSURANCE BROKERS (MALAYSIA) Sdn Bhd AND SIME
INSURANCE BROKERS Sdn Bhd
Alexander Forbes Limited (" Alexander Forbes"), the risk management and
financial services group, is pleased to announce that the merger of
Alexander Forbes Insurance Brokers (Malaysia) Sdn Bhd and Sime Insurance
Brokers Sdn Bhd has been given regulatory approval by the Insurance Division
of the Bank Negara Malaysia. The new, merged company is called Sime
Alexander Forbes Insurance Brokers Sdn Bhd.
Alexander Forbes will have a 40% interest, and Sime Darby 60% in the merged
company.
The merged entity will create a leading broking force in Malaysia, with a
staff of over 100 headquartered in Kuala Lumpur.
David Batchelor, Chairman of the Asia-Pacific region for Alexander Forbes
said: "The combination of Sime Darby's premier position in Malaysia and the
international risk management expertise of Alexander Forbes will provide a
formidable partnership for the development of this venture. It provides
Alexander Forbes with a substantial, quality partner and provides the
business mass that would have been difficult to acquire on our own."
Sime Darby Berhad is a strong and dynamic international group with a
comprehensive range of business activities carried out by more than 26,000
employees in over 280 companies in 20 countries. Sime Darby is listed on the
main board of the Kuala Lumpur Stock Exchange with a market capitalisation
in excess of US$2.7 billion (30 June 2001).
Founded in 1910, the Company has grown from a single Company offering a
single product and service in one country, namely plantations in Malaysia,
into a major player in tyre manufacturing, motor vehicle assembly and
distribution, heavy equipment distribution, property development and power
and energy industries.
Mohammed Nor, Director of Sime Insurance Brokers Sdn Bhd, commented: "The
significantly strengthened Company will enable us to take full advantage of
the growing opportunities arising in Malaysia and will enable us to offer an
enhanced range of services and skills to our clients. We are particularly
pleased with the access the new company will have to Alexander Forbes's
international broking operations, as well as their risk management
expertise."
- ENDS -
For further information please contact :
David Batchelor Managing Director,
International Retail +44 20 7962 2136
Services, Alexander Forbes
Mohammed Nor Director, Sime Insurance Brokers
Sdn Bhd + 603 2691 4122
Quintin Heaney International Development Director,
Alexander Forbes +44 20 7962 2135
Alexander Forbes' website is www.alexanderforbes.com
About The Sime Darby Group
Sime Darby Berhad is Malaysia's leading multinational and one of Southeast
Asia's largest conglomerates. Founded in 1910, the Company has grown from a
single company offering a single product and service in one country into a
strong and dynamic international Group with a comprehensive range of
business activities carried out by more than 26,000 employees in over 280
companies in 20 countries. Sime Darby is listed on the Main Board of the
Kuala Lumpur Stock Exchange with a market capitalization in excess of US$2.7
billion as at 30th June 2001.
While the core businesses are located in Malaysia, the Group has extensive
trading and manufacturing interests in Hong Kong SAR, Singapore and
Australia. The Group also operates in Negara Brunei Darussalam, Indonesia,
Thailand, Egypt, People's Republic of China, South Africa, Macau, Vietnam,
the Solomon Island, Papua New Guinea, United Kingdom, New Zealand and the
Philippines.
