Flash DRB to sell Uni.Asia to Prudential & Bank Simpanan Nasional for RM518m

Flash DRB to sell Uni.Asia to Prudential & Bank Simpanan Nasional for RM518m

Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 15 August 2013 18:27

Flash : DRB to sell Uni.Asia to Prudential & Bank Simpanan Nasional for RM518m

KUALA LUMPUR (August 15): DRB-HICOM BHD [] and United Overseas Bank (M) Bhd, plan to sell jointly-owned insurer Uni.Asia Life Assurance Bhd (UAL) for RM518 million cash The Prudential Insurance Co of America, and Bank Simpanan Nasional (BSN).

In a statement to Bursa Malaysia today, DRB-Hicom said Uni.Asia Capital Sdn Bhd (UAC), a jointly-owned unit of DRB-Hicom and United Overseas, has submitted an application to Bank Negara Malaysia to have the proposed sale of Uni.Asia Life reviewed by policy makers.

"The proposal involves the proposed disposal by UAC of its 100% equity interest in UAL to the purchaser for a total cash consideration of RM518 million subject to any adjustment therein.

"The company (DRB-Hicom) will make the necessary announcements in due course when there are further developments in relation to the above," DRB-Hicom said.