KUALA LUMPUR: Malayan Banking Bhd’s unit, Etiqa International Holdings Sdn Bhd has acquired 75 per cent stake in Indonesia-based general insurance company, PT Asuransi Asoka Mas for RM64.9 million.
In a filing to Bursa Malaysia, Maybank said the acquisition of 750,000,000 shares was purchased from PT Transpacific Mutualcapita which will keep the remaining 25 per cent stake in Asuransi Asoka.
“All relevant approvals including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia have been obtained,” it said.
“The acquisition is in line with Maybank group’s Insurance and Takaful business vision to be a leading regional insurance player,” it added.
Maybank said the transaction is not expected to have any material impact on the bank’s earnings, net assets and gearing for the financial year ending December 2017.