Prudential to Boost Stake in Malaysian Life Insurance Business
MT Newswires
Jan 22
Prudential (SGX:K6S, HKG:2378) said it agreed to boost its stake in its non-wholly owned conventional life insurance business in Malaysia, according to a Hong Kong bourse filing Thursday.
The firm agreed to buy a 19% stake in Sri Han Suria, the holding company of the business, from its partner Detik Ria for $375 million in cash.
The transaction will raise Prudential's stake in the business to 70% while Detik Ria will own the remaining 30%.
Prudential said it had secured approval from Malaysia's central bank for the transaction.
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