[ad_1]
Fiji Unit Trust has acquired a 10% stake in Sun Insurance Company Limited worth $12 million.
Working with Fiji LiveUTOF CEO Vilash Chand said it was a strategic move for UTOF to strengthen its portfolio and increase diversification.
He said the acquisition was made through a private placement of Sun shares to institutional investors ahead of its expected IPO.
Chand said Sun Insurance, a well-established company in the Fijian market with 25 years of insurance services, aimed to raise more than $30 million through a private placement and subsequent public offering.
He said the funds raised will be used exclusively for Sun Properties’ real estate development projects, leveraging its rich real estate portfolio in the Midwest, including prime locations.
Additionally, UTOF Chairperson Lavinia Kaumaitotoya expressed the company’s enthusiasm for the investment, stressing that the addition of Sun to UTOF’s portfolio will strategically enhance the diversification of its portfolio and contribute to long-term stability.
Kaumaitotoya said the decision was made after a rigorous review of Sun’s performance over the past decade.
She added that Sun Insurance Company Limited is the third largest general insurance company in Fiji based on asset size and net premium income.
Meanwhile, UTOF currently manages a $450 million portfolio and expects to reach $500 million by the end of this fiscal year.
[ad_2]
Source link
