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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Generali Ass | BIT:G | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.19 | -0.82% | 23.01 | 23.00 | 23.28 | 23.28 | 23.00 | 23.25 | 2,932,796 | 17:00:00 |
By Jason Ng
KUALA LUMPUR--MPHB Capital Bhd (5237.KU) said it is selling a 49% stake in its wholly-owned general insurance unit to Italy's Assicurazioni Generali S.p.A. (G.MI) for 355.8 million ringgit ($102.4 million).
The proposed sale of the Multi-Purpose Insurans Bhd stake, still subject to shareholders' approval, will result in a gain of about 208.6 million ringgit, MPHB said in an exchange filing late Thursday. The deal is expected to be completed by early 2015, it noted.
Assicurazioni also has a call option to buy another up to 21% stake in Multi-Purpose Insurans. Assicurazioni also signed a put option to sell shares in Multi-Purpose Insurans if the company fails to secure regulatory approval for the call option or secure a controlling stake after five years of owning the shares.
The entry of Assicurazioni is expected to "bring Multi-Purpose Insurans's general insurance business to the next level of growth amid a competitive landscape," MPHB said, adding that the sale is also part of its plan to comply with the regulator's conditions on shareholding limits.
MPHB appointed Maybank Investment Bank Bhd as principal advisor and Newfields Advisors Sdn Bhd as financial advisor.
Write to Jason Ng in Kuala Lumpur at jason.ng@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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