A unit of Malaysian autos-to-property conglomerate DRB-Hicom is seeking government approval to sell Uni.Asia Life Assurance Bhd in a deal valued at RM518 million.The buyer is an unnamed company to be owned by Prudential Insurance Company of America and Malaysia's Bank Simpanan Nasional on a 70:30 shareholding basis, DRB-Hicom said in a stock
exchange announcement yesterday.
DRB-HICOM said its 51% owned Uni.Asia Capital had submitted an application for the country's minister of finance to review the proposal to sell its 100% stake in Uni.Asia Life Assurance for cash.
Malaysia's central bank had given the green light on August 15 for UAC to start negotiations with "certain parties" who want to acquire an interest in Uni.Asia Life Assurance, DRB-Hicom said
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