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