Osaka-based Sumitomo Life has increased its stake in Singapore-based Singlife, just months after obtaining a significant stake.
Sumitomo Life has increased its stake in Singlife with a capital injection of S$179,999,996 ($132,796,797), according to a statement. The fresh capital will be used to «support business growth».
The Japanese insurer had just obtained a 25.9 percent stake through a sale by London-based Aviva Group for nearly $1 billion. Following the latest transaction, Sumitomo Life will hold a stake of a little over 27 percent. This proposed transaction will subject to customary closing conditions, including regulatory approvals.
