MPHB seeks approval from BNM to dispose of MPI Generali

KUALA LUMPUR: MPHB Capital Bhd’s wholly owned subsidiary Multi-Purpose Capital Holdings Bhd has submitted an application to Bank Negara Malaysia (BNM) to seek approval for a proposed disposal of 51 per cent stake in MPI Generali Insurans Bhd to Generali Asia N.V.

In a filing with Bursa Malaysia today, MPHB said it would enter into a share purchase agreement with Generali Asia pursuant to the proposed disposal.

"MPHB Capital will make the necessary announcements as and when there are further developments in relation to the aforementioned transaction,” it added.

MPI Generali Insurans is a strategic partnership between Multi-Purpose Capital Holdings and an Italian insurance company Assicurazioni Generali S.p.A.

Established in 1973 and licensed by BNM under the Financial Services Act, 2013, MPI Generali’s core business is underwriting of general insurance business offering innovative insurance products and services. - Bernama
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