Prudential Ups Stake in Malaysian Insurer
British-domiciled Prudential has increased its stake in the holding company of its Malaysian life insurance business.
Prudential has signed an agreement to acquire a further 19 percent stake in Sri Han Suria (SHS) from Detik Ria (DR), according to a statement. The deal is valued at 1.52 billion Malaysian ringgit ($375 million) and will result in Prudential holding an aggregate stake of 70 percent in the firm.
SHS is the holding company of Prudential Assurance Malaysia (PAMB), Prudential’s conventional life insurance business in Malaysia.
Following completion of the deal, Prudential has also agreed to cooperate with DR for the divestment of its remaining 30 percent shareholding in SHS, should it decide to sell.
«Prudential has served Malaysian families for over a century, building a trusted life and health insurance business that supports the nation’s long-term protection and savings needs. Increasing our ownership of PAMB reflects our deep commitment to Malaysia and our confidence in its future,» commented CEO Anil Wadhwani.
