AMG-Kurnia merger gets the nod

No wonder Kurnia share up pang pang sheng.

Business & Markets 2012
Written by Chong Jin Hun of   
Wednesday, 04 April 2012 19:39

KUALA LUMPUR (April 4): The government has approved AMMB HOLDINGS BHD []'s plan to acquire the general insurance arm of KURNIA ASIA BHD [] (KAB).

In separate statements to the exchange on Wednesday, both companies 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.