Kurnia shares drop over possible unit sale
KUALA LUMPUR, April 5 — Shares in insurer Kurnia Asia tumbled as much as 3.9 per cent today after Insurance Australia Group won regulatory approval for a possible acquisition of Kurnia Asia’s motor insurance unit.
Insurance Australia Group’s 49 per cent-owned Malaysian associate AmG Insurance Bhd is spearheading the deal for Kurnia Asia’s unit — Kurnia Insurans.
If successful, the acquisition would make AmG the market leader in the Malaysian motor insurance market.
Malaysian lender AMMB Holdings owns the rest of AmG. — Reuters