Friday, March 23, 2018

Prudential’s Malaysian unit eyes stake sale

The Malaysian unit of Prudential is in discussions with the country’s second-ranked pension fund for a possible sale of a 30% stake.

People familiar with the matter revealed that the sale could generate proceeds of about US$435 million.

The move by Prudential’s Malaysian unit comes at a time when many overseas insurance companies are try to beat the deadline for compliance with the new rules on foreign ownership.

According to sources, the talks between Prudential Assurance Malaysia and Kumpulan Wang Persaraan are not exclusive.

They said a possible deal might be struck as early as this month.

Under the new ownership rules in Malaysia, foreign insurers are required to trim down their stakes in their local units to no more than 30% in compliance with a directive announced by Malaysia’s central bank last year.


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