Billionaire Tan Sri Vincent Tan is considering selling his 30% stake in Prudential Assurance Malaysia Bhd., people with knowledge of the matter said, after already offloading a 19% holding earlier this year.
Tan is talking to advisers about a possible divestment, the people said, asking not to be identified because the information is private. He may seek to sell at a price that values the entire business at RM20bil or more, one of the people said.
Deliberations are at an early stage and might not result in a sale, while the amount sought could also change, the people said.
Tan’s Detik Ria Sdn., which is also linked to the royal family of Malaysia’s Johor state, and Prudential Plc settled a long-running legal dispute last year that resulted in the sale of a 19% stake to the UK insurer.
The agreement valued the Malaysian unit at about RM8bil and left Detik Ria with a 30% holding and Prudential with 70%, the limit under Malaysian rules for foreign investors in local insurers. A buyer for Tan’s stake would need to be Malaysian.
Tan declined to comment. Prudential and the Malaysian unit didn’t respond to requests for comment. - Bloomberg
