FWD Group plans US$20.72m acquisition of 25% stake in Bolttech Insurance Hong Kong
FWD Group plans to acquire a 25 per cent stake in Bolttech Insurance Hong Kong for US$20.72 million. The deal aims to deepen their partnership in group medical insurance and expand cooperation in personal general insurance products.
FWD Group has announced plans to acquire a 25 per cent stake in Bolttech Insurance Hong Kong from Bolttech Discovery Holdings Limited for US$20.72 million.
The company said the acquisition provides an opportunity to further strengthen the existing partnership between the parties in group medical insurance and to enhance cooperation in personal general insurance products, including through improved product offerings, distribution and customer service.
According to the announcement, controlling shareholder Richard Li holds a 30 per cent or greater indirect interest in the issued shares of Bolttech Holdings, and is deemed to have a material interest in the transaction. As a result, he has abstained from voting on the board resolution approving the deal.