AMMB completes Kurnia Insurans purchase

KUALA LUMPUR: AMMB Holdings Bhd has completed the acquisition of Kurnia Insurans (M) Bhd and the latter is now a unit of AMMB’s 51% subsidiary AmG Insurance Bhd.

AMMB said in a press release that the final cash purchase price paid by AmG was RM1.627bil, comprising the base price of RM1.55bil plus RM77mil for the increase in net assets (NA) of Kurnia from RM759mil (adjusted) as of June 30, 2011, to RM836mil as at the completion accounts date of June 30, 2012.