KUALA LUMPUR: The owners of AmGeneral Insurance Bhd, Malaysia’s second-biggest auto insurer, have restarted a sale process and are seeking as much as US$1bil for the company, people with knowledge of the matter said.
Kuala Lumpur-listed AMMB Holdings Bhd. and Insurance Australia Group Ltd, invited potential suitors to submit non-binding bids for the Malaysian insurer by the end of this month, according to the people, who asked not to be named as the information is private. AMMB controls 51% of AmGeneral, while IAG owns the remaining balance.