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M&A MPHB Cap gets BNM okay to negotiate partial sale of insurance unit

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M&A MPHB Cap gets BNM okay to negotiate partial sale of insurance unit Empty M&A MPHB Cap gets BNM okay to negotiate partial sale of insurance unit

Post by Cals Wed 22 Jan 2014, 19:07

M&A MPHB Cap gets BNM okay to negotiate partial sale of insurance unit
Business & Markets 2014
Written by Ho Wah Foon of theedgemalaysia.com   
Wednesday, 22 January 2014 17:26

KUALA LUMPUR (Jan 22): MPHB Capital Bhd said it has received expressions of interest from a party to form “a strategic alliance” with its wholly owned unit, Multi-Purpose Insurans Bhd (MPIB).

“Bank Negara Malaysia (BNM) has, via its letter dated 22 January 2014, stated that BNM has no objection in principle for the company to commence preliminary negotiations with the interested party in relation to the possible disposal of a minority equity interest in MPIB.”

Under the Financial Services Act, 2013, the company is required to obtain the prior approval of BNM before entering into any agreement to effect the disposal.

MPHB Capital said the proposed alliance is in line with its business strategies to expand MPIB’s general insurance business, grow new business to provide new revenue streams as well as to increase its capacity to underwrite more insurance products.
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