Business Times Malaysia
Published: 2010/01/27
GREAT Eastern Holdings Ltd (GEH) said it is not in talks to sell a stake in its Malaysian insurance arm, Great Eastern Life Assurance (Malaysia) Bhd (GELM).
"We wish to state that we are currently not in talks with any party in relation to a sale of shares in GELM," the Singapore-based company said in a statement released in Kuala Lumpur yesterday.
It was responding to yesterday's Business Times article which quoted a source that Khazanah Nasional Bhd was among several investors keen to buy a stake in GELM to help the latter build a takaful business.
In the statement, GEH reiterated that it was evaluating various options and opportunities presented by the liberalisation of the Malaysian financial sector, including the issuance of new licences in the insurance and takaful sectors, to grow and strengthen its market leadership.
"We have submitted an application to Bank Negara Malaysia for a family takaful licence. The outcome of the application is not yet known," it added.
GEH said it will make the appropriate announcements should there be any significant developments.
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