LONDON (ShareCast) - (Sharecast News) - Aviva has agreed to sell the majority shareholding in its Singapore business to a consortium led by Singapore Life for SGD2.7bn (£1.6bn).
The proceeds will be used to further strengthen the company's central liquidity and will be considered as part of Aviva's broader capital management and debt reduction objectives.

The transaction is expected to complete by January 2021 and Aviva will have a 25% equity stake in the new group.

Chief executive officer Amanda Blanc said: "The sale of Aviva Singapore is a significant first step in our new strategy to bring greater focus to Aviva's portfolio. We have achieved excellent upfront value for shareholders but have also retained an investment in a leading Singapore life business with attractive long-term growth potential.

"We continue to work at pace and are seeking to take decisive action on our portfolio with the goal of further enhancing long term value for our shareholders."

At 1535 BST, the shares were up 5.3% at 304.07p.

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