Malaysia's MAA Holdings Bhd has reached a deal to sell a 70 percent stake in its insurance subsidiary to Zurich Insurance Co Ltd for about 1.2 billion ringgit ($396 million), Business Times newspaper reported on Wednesday quoting an unnamed source.
The deal to sell the stake in Malaysian Assurance Alliance to Zurich Insurance, a unit of Zurich Financial Services , excludes MAA's Islamic insurance business, although the parties could consider the takaful operations later, the report said.
"It is well known that Zurich Financial Services has been planning to reposition its operation here since early 2009," the report quoted a source as saying.
"It has considered several options, including acquiring an alternative licence and gaining control of another insurer such as MAA."
MAA declined to comment on the report. The company had said in December it was in talks to sell a stake in Malaysian Assurance Alliance to Zurich Insurance
No comments:
Post a Comment