BCorp in talks for proposed acquisition of controlling stake in MCIS Insurance

KUALA LUMPUR: Berjaya Corporation Bhd (BCorp) is in the midst of negotiating a controlling stake in MCIS Insurance Bhd, confirming a news report "Berjaya Corp eyes controlling stake in MCIS Life” in The Edge Malaysia on Jan 9, a filing with Bursa Malaysia said today.

In a separate filing to the exchange dated Jan 9, 2023, the conglomerate said it is negotiating with a potential seller of a licensed entity subject to Bank Negara Malaysia’s (BNM) approval.

"This is in line with our recent announcement dated Dec 27, 2022 that BCorp is contemplating a major potential acquisition involving a licensed entity which is governed by BNM under the Financial Services Act 2013.

"BCorp will make the necessary announcement in compliance with BNM and Bursa Securities’ rulings upon the signing of the definitive agreement with the seller of the licensed entity," the Jan 9 filing said. - Bernama