KUALA LUMPUR (April 5) : KURNIA ASIA BHD [] (KAB) shares fell on Thursday morning following updates that the government has approved AMMB HOLDINGS BHD []’s plan to acquire KAB’s general insurance arm.
KAB shares, one of the most actively traded with some eight million shares done, fell 4.7% or three sen to 60.5 sen at 10.37am.
In separate statements to the exchange on Wednesday, AMMB and KAB said the minister of finance has approved the planned acquisition of KAB’s 100%-owned subsidiary Kurnia Insurans (M) Bhd by AmG Insurance Bhd, which is 51% owned by AMMB.
Both AMMB and KAB said details on the transaction will be disclosed when both AmG and KAB sign a definitive agreement.
KAB shares, one of the most actively traded with some eight million shares done, fell 4.7% or three sen to 60.5 sen at 10.37am.
In separate statements to the exchange on Wednesday, AMMB and KAB said the minister of finance has approved the planned acquisition of KAB’s 100%-owned subsidiary Kurnia Insurans (M) Bhd by AmG Insurance Bhd, which is 51% owned by AMMB.
Both AMMB and KAB said details on the transaction will be disclosed when both AmG and KAB sign a definitive agreement.
