HONG LEONG CEASES TALKS ON SALE OF INSURANCE UNITS

PETALING JAYA: Hong Leong Financial Group Bhd (HLFG) and its wholly-owned subsidiary HLA Holdings Sdn Bhd have ceased negotiations with parties for the possible acquisition of HLA Holdings’ equity interest in Hong Leong Assurance Bhd and Hong Leong MSIG Takaful Bhd. HLA Holdings owns 70% and 65% of Hong Leong Assurance and Hong Leong MSIG Takaful respectively. HLFG and HLA Holdings could not reach an acceptable commercial agreement with Bank Negara Malaysia-approved negotiating parties and have mutually agreed to cease negotiations, HLFG said in a stock exchange filing.