Thursday, December 16, 2010

MAA Holdings plans early talks with Zurich over Malaysian Assurance Alliance stake sale

KUALA LUMPUR: MAA HOLDINGS BHD [] (MAAH) has received Bank Negara Malaysia's approval for it to hold early talks with Zurich Insurance Company over possible sale of stake in its unit Malaysian Assurance Alliance Bhd (MAA).

MAAH said on Thursday, Dec 16 it had entered into an agreement with Zurih, following which the parties 'will evaluate and negotiate a possible transaction involving the acquisition of an interest' in the insurer.

'The agreement is not subject to approval of the shareholders of MAAH. BNM has no objection in principle for both parties to commence preliminary negotiation,' it said.

In a separate statement, MAAH said it had called off discussions with AmG Insurance Bhd over the proposed disposal of Malaysian Assurance Alliance of its general insurance business to AmG for an indicative disposal consideration of up to RM180 million.

'The company wishes to announce that MAAH/Malaysian Assurance Alliance MAA and AmG have mutually agreed to discontinue discussions on the proposed disposal,' said MAAH.

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