22 May 2013 South African financial services provider Sanlam has acquired a 49% stake in Malaysian short-term insurer Pacific & Orient Insurance Co. Berhard (POI) worth about R814-million. “This transaction is our first foray into the southeast Asia region,” Sanlam Emerging Markets chief executive officer, Heinie Werth, said in a statement on Monday. It forms part of Sanlam’s strategy to pursue growth opportunities in selected emerging markets. “We believe that this transaction will provide us with a platform to gain an understanding of the region and a footprint on which to expand.” POI was established in 1972 and is fully owned by Pacific & Orient Berhad. Its focus is motorcycle insurance; it is the largest motorcycle insurer in Malaysia, with a 40% market share in the sector. “We believe there is a good cultural fit between POI and Sanlam, which will facilitate our focus on strengthening our relationship to drive business growth and establish a mutually beneficial and sustainable partnership,” Werth said. Sanlam also believes that the Malaysian business environment, where the regulator is encouraging international partnerships for local companies, is conducive to growth. “POI is an established entity with a robust business model and a strong market position,” he said. “We are confident that the company offers us a relatively low risk entry into the market and a platform for growth. “We look forward to the partnership with Sanlam and the technical expertise that they will add in exploring future growth opportunities,” said POI’s managing director, Chan Thye Seng. SAinfo reporter
The House of Representatives, on February 26, approved three Bills to remove flogging and whipping from the country’s statute books as a penalty for any offence. Bills passed were: the Larceny (Amendment) Act 2012; the Law Reform (Flogging and Whipping) (Abolition) Act, 2012; and the Obeah (Amendment) Act 2012. The practice of whipping and flogging ceased in Jamaica’s penal institutions in 1997 and since that time, the courts have not handed down sentencing with those stipulations. Opening the debate, Attorney General, Patrick Atkinson, noted that flogging and whipping are part of a legacy from the era of slavery. “Our people were subject to whipping and flogging as routine methods of imposing the slave master’s brutal and exploitative discipline,” the Attorney General said. He argued that flogging and whipping are considered to be degrading and inhumane treatment under international law. For his part, Leader of Opposition Business in the Lower House, Delroy Chuck, while supporting the Bills, noted that they will bring “some humanity” to the country’s system of government. “There can be no doubt that this should have been done long ago. I must admit that I thought these punishments had long been removed from the statute. The truth is that there is a strong sentiment in the country that the harsher the punishment, the less crime. There is no truth (to this),” Mr. Chuck said. The Bills were passed in the Senate on February 15.
zoomIllustration. Image Courtesy: PxHere under CC0 Creative Commons license Norway-based bulk ship operator Belships Group has secured a USD 140 million loan facility that will enable the company to add further Ultramaxes and Supramaxes to its fleet. As informed, the new loan replaces the group’s current senior debt of USD 105 million.The new loan will be available in two tranches. An initial tranche of USD 110 million will replace Belships existing loan and strengthen the group’s working capital.An accordion tranche of USD 30 million will be available for fleet expansion, Belships said.Following the merger with Lighthouse Group in December 2018, Belships currently owns twelve Supramax and Ultramax dry bulk vessels. In addition, the group operates three Ultramaxes on time and bareboat charter with purchase options.An Ultramax newbuilding being delivered next year will bring the fleet to a total of sixteen vessels.What is more, Belships said it is actively pursuing an expansion strategy and expects to acquire additional Supramax and/or Ultramax vessels going forward.