Maybank's Etiqa completes 75% purchase of Indonesian insurance firm

KUALA LUMPUR: Malayan Banking Bhd's wholly owned subsidiary Etiqa International Holdings Sdn Bhd has completed the acquisition of 75% shareholding in PT Asuransi Asoka Mas for IDR207.2bil (about RM64.92mil).

The group announced in a filing with Bursa on Thursday that it had acquired 750 million shares in the Indonesian general insurance company from PT Transpacific Mutualcapita, which will keep the remaining 25% shareholding.

"All relevant approvals  including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia have been obtained. 

"This acquisition is in line with Maybank Group’s Insurance and Takaful business vision to be a leading regional insurance  player," said Maybank.

At 9.55am on Friday, Maybank was trading six sen or 0.63% lower at RM9.51 on the back of 237,800 shares done.