CIMB AN­NOUNCES ES­TI­MATED RM515 MIL­LION GAIN IN DIS­POSAL OF IN­SUR­ANCE UNITS

Insurance - - COMPANY CORNER -

CIMB Group Hold­ings Bhd (CIMB) has a po­ten­tial to reap RM515.1 mil­lion from the dis­posal of its 51% stake in in­sur­ance units CIMB Aviva As­sur­ance Bhd and CIMB Aviva Taka­ful Bhd (both re­ferred to as CIMB Aviva). The group re­ceived Bank Ne­gara Malaysia’s ap­proval for the dis­posal of CIMB Aviva (which was first an­nounced on 17 Jan­uary 2013) to Khaz­anah Na­sional Bhd’s sub­sidiary Reng­gis Ven­tures Sdn Bhd (Reng­gis). The pur­chase con­sid­er­a­tion re­mains un­changed at RM1.11 bil­lion for CIMB’s 51% own­er­ship, to be ful­filled with RM1,066.5 mil­lion in cash and RM43.5 mil­lion or­di­nary shares in Reng­gis. As a re­sult, CIMB will main­tain an ef­fec­tive 2% stake in CIMB Aviva. The in­sur­ance units are 51%-owned by CIMB, while the re­main­ing 49% was held by Aviva In­ter­na­tional Hold­ings Ltd (Aviva).

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