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Thai Insurance Company Buys 90 Percent of Shares in International Assurance.
Aug. 2--Navakij Insurance Plc, a non-life insurance company controlled by the Wanglee family, has bought more than 90 percent of the shares in International Assurance Co (IA) at a price of 140 million baht. IA provides fire, marine, motor and miscellaneous coverage. Almost 80 percent of its shares were previously owned by Thaworn Holding Co and Siam Motors Co, a producer and distributor of Nissan cars.
Nipol Tonjeerawong, a director of Navakij, told the Stock Exchange of Thailand that, on July 26 and 27, the company had bought 1,898,020 shares, representing 90.38 percent of IA's registered paid-up capital.
The purchase would be funded from Navakij's working capital, Mr Nipol said, adding the deal would expand the company's competitive abilities in a deregulated environment, especially in motor insurance.
IA, known in Thai as Prakanphai Sakol, is the main insurance company for all leased Nissan cars. Last year, it reported a profit of 29.35 ...
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