KUALA LUMPUR: Hong Leong Financial Group share price jumped Monday, June 21 after the company last week said it was selling a 30% stake in Hong Leong Assurance Bhd (HLA) to Japanese insurer Mitsui Sumitomo Insurance Co Ltd (MSI) for RM940 million cash.
At 9.30am, HLFG added 42 sen to RM8.80 with 123,400 shares traded.
HLA is merging its entire general business with MSIG Insurance (Malaysia), the local unit of MSI. In return, HLA will get a 30% stake in the enlarged MSIG group, making it the second largest general insurer in terms of gross premium.
HLFG President and CEO Raymond Choong said he expected the enlarged entity would be more robust and resilient and poised to better compete and lead in the marketplace.
At 9.30am, HLFG added 42 sen to RM8.80 with 123,400 shares traded.
HLA is merging its entire general business with MSIG Insurance (Malaysia), the local unit of MSI. In return, HLA will get a 30% stake in the enlarged MSIG group, making it the second largest general insurer in terms of gross premium.
HLFG President and CEO Raymond Choong said he expected the enlarged entity would be more robust and resilient and poised to better compete and lead in the marketplace.
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