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LONDON (Alliance News) - Venture capital provider BP Marsh & Partners PLC on Thursday said it has bought a 20% shareholding in Asia Reinsurance Brokers Pte Ltd.
Asia Reinsurance is a Singapore-based reinsurance and insurance risk services provider.
BP Marsh will pay SGD2.4 million to acquire the stake, equivalent to GBP1.2 million, with an option to increase the stake to 25% for another SGD500,000.
"We are very pleased to take this stake in ARB, a business with an accomplished and experienced management team. We look forward to working with them to develop their business," said Brian Marsh, BP Marsh's chairman.
BP Marsh shares were untraded on Thursday morning, having last traded at 153.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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