KWAP mulls investing in foreign-owned insurers – Business News

KWAP chief executive officer Wan Kamaruzaman Wan Ahmad

KUALA LUMPUR: Kumpulan Wang Persaraan (Diperbadankan), Malaysia’s second-biggest pension fund, is considering investing in foreign-owned insurers based in Malaysia, Chief Executive Officer Wan Kamaruzaman Wan Ahmad said.

In a phone interview with Bloomberg, he said KWAP is asking for pitches after receiving inquiries from banks about possibly buying stakes in overseas insurers’ Malaysian units.

“There’s no deadline for the proposals,” he said.

Foreign insurers including Prudential Plc are pursuing plans to sell stakes in their Malaysian businesses to help them comply with foreign ownership limits, people familiar with the matter said last month.

Overseas insurers have until end of June 2018 to reduce their holdings in local firms to 70% at most, one of the people said at the time. – Bloomberg


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