AMMB, Kurnia Asia seek approval for general insurance unit sale

KUALA LUMPUR, Dec 19 – Malaysian lender AMMB Holdings Bhd and Kurnia Asia said today they have sought central bank and finance ministry approval for AMMB’s bid to buy Kurnia Insurans (Malaysia) Bhd.

The deal is for Kurnia Asia’s 100 per cent equity stake in this general insurance unit, AMMB and Kurnia Asia said in separate statements to the stock exchange.

Kurnia Asia said last week it was still in talks with relevant parties for the possible sale of an equity stake in its subsidiary Kurnia Insurans (Malaysia) Bhd.

Both firms made the announcement after local media cited sources as saying last week that Insurance Australia Group (IAG) , Australia’s top home and car insurer, may buy a stake in Kurnia Insurans. – Reuters