PhilRealty selling stake in non-life insurance unit
Philippine Realty and Holdings Corp. is selling close to 30 percent stake in Meridian Assurance Corp.
In a disclosure to the stock exchange, PhilRealty said its board approved the sale of the firm?s 749,999 shares in Meridian.
Meridian is duly-licensed by the Insurance Commission to underwrite fire, marine, casualty and surety risks.
Philrealty took over Meridian from the Lozano-Ramirez group in August 1994.
Meridian has been an active player in the local insurance industry since it was organized in 1960.