Tuesday, September 14, 2010

#Flash* Jerneh Asia, Paramount selling insurer to ACE for RM654m

KUALA LUMPUR: JERNEH ASIA BHD [] and Paramount Corp Bhd have agreed to dispose of their entire stakes in Jerneh Insurance Bhd to ACE INA International for RM654 million cash, the companies said.

Jerneh Asia and Paramount announced to Bursa Malaysia on Tuesday, Sept 14 that they were disposing of their 80% and 20% equity interests in Jerneh Insurance to the potential buyer.

They said the Ministry of Finance through Bank Negara had approved the proposed disposal of their stakes to ACE INA International.

'The proposed disposal will be for a total cash consideration of RM654 million, subject to adjustment to reflect the book value of Jerneh Insurance at the closing of the proposed disposal,' according to the announcement.

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