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EPF in talks to buy stake in Great Eastern


The talks with the Employees Provident Fund (EPF) is part of Great Eastern’s strategy to meet a Malaysian central bank deadline, set for June, mandating that insurers operating in the country are at least partially owned by locals.

The talks with the Employees Provident Fund (EPF) is part of Great Eastern’s strategy to meet a Malaysian central bank deadline, set for June, mandating that insurers operating in the country are at least partially owned by locals.

KUALA LUMPUR: Singapore-based insurer Great Eastern Holdings Ltd is in exclusive talks with Malaysia’s largest provident fund to sell it a minority stake in its Malaysian insurance unit, a deal that could fetch as much as US$1bil, according to a source.

The talks with the Employees Provident Fund (EPF) is part of Great Eastern’s strategy to meet a Malaysian central bank deadline, set for June, mandating that insurers operating in the country are at least partially owned by locals. A stake in Great Eastern Life would allow EPF to ride on the growth prospect of Malaysia’s insurance sector.

   

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