Government to sell up to 40% of insurer ASR on June 10


The cabinet is planning to float part of nationalised insurance company ASR on the stock exchange on June 10, government officials said on Monday.

Up to 40% of the shares in the company will be sold for between €18 and €22 each, raising up to €1.32bn for the treasury.

ASR, once Fortis Verzekering Nederland, was nationalised in 2008 when financial services group Fortis needed rescuing. The unit has never been in financial trouble itself and has not had any state support.

The state will sell its remaining interest in ASR at a later date.

Meanwhile, fitness group Basic Fit said on Monday it too will launch on Amsterdam’s stock exchange on June 10.

The shares will be priced at between €15 and €20. The company said it will use the proceeds to clear its debts.

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