The Star Malaysia Tuesday February 23, 2010
PETALING JAYA: Great Eastern Holdings Ltd's wholly owned unit, Overseas Assurance Corp (M) Bhd, has received notification to commence negotiations to buy Tahan Insurance Malaysia Bhd's general insurance business.
"The final terms and conditions of the purchase are subject to approval from relevant regulatory authorities," Singapore-listed Great Eastern said in a statement yesterday.
Tahan Insurance had publicly invited interested parties in early January this year to submit offers for its general insurance business.
Bank Negara Malaysia assumed control of Tahan Insurance in May 2009 and put PricewaterhouseCoopers Capital Sdn Bhd's executive director Phoon Soon Keong in charge of the troubled insurer.
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