Hong Leong Financial group Bhd (HLFG) and its unit HLA Holdings Sdn Bhd (HLAH) have called off talks to sell HLAH's stake in the group's insurance and takaful businesses.HLFG and its unit HLAH “could not reach an acceptable commercial agreement with the Bank Negara Malaysia (BNM) approved negotiating parties”.
HLFG said on Friday they had “mutually agreed to cease negotiations”.
On June 30, HLFG announced that BNM had stated it had no objection for HLFG and HLAH Holdings to start talks with certain parties regarding over the possible sale of Hong Leong Assurance Bhd and Hong Leong MSIG Takaful Bhd,.
HLAH owns 70% of Hong Leong Assurance and 65% of Hong Leong MSIG Takaful. Mitsui Sumitomo Insurance Co Ltd holds the remaining stakes.To recap, through a strategic partnership exercise, Hong Leong Assurance merged its general insurance business with MSIG Insurance (M) Bhd, forming Malaysia’s third largest general insurer.
No comments:
Post a Comment