KUALA LUMPUR: MALAYAN UNITED INDUSTRIES BHD []'s (MUI) wholly owned unit Novimax (M) Sdn Bhd has been given the nod by Bank Negara Malaysia to start preliminary negotiation with US-based Liberty International Holdings Inc to dispose its shares in MUI Continental Insurance Bhd (MCI).
MCI is a 52.21% owned subsidiary of Novimax.
MUI said on Friday, Jan 14 the approval dated Jan 5 from Bank Negara was subject to both parties concluding the negotiation within six months from the date of approval.
'The approval in principle as stated above is not to be taken as approval for the proposed disposal.
The relevant parties would be required to seek prior approval of the Minister of Finance, with the recommendation of Bank Negara before entering into any agreement to effect the proposed disposal,' said MUI.
At 10.43am, MUI was up one sen to 23 sen with 14 million shares done.
MCI is a 52.21% owned subsidiary of Novimax.
MUI said on Friday, Jan 14 the approval dated Jan 5 from Bank Negara was subject to both parties concluding the negotiation within six months from the date of approval.
'The approval in principle as stated above is not to be taken as approval for the proposed disposal.
The relevant parties would be required to seek prior approval of the Minister of Finance, with the recommendation of Bank Negara before entering into any agreement to effect the proposed disposal,' said MUI.
At 10.43am, MUI was up one sen to 23 sen with 14 million shares done.
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