Etiqa completes 75% purchase of local firm

Malayan Banking Bhd’s wholly owned subsidiary Etiqa International Holdings Sdn Bhd has completed the acquisition of 75 percent shareholding in PT Asuransi Asoka Mas for IDR207.2 billion.

The group announced in a filing with Bursa that it had acquired 750 million shares in the Indonesian general insurance company from PT Transpacific Mutualcapita, which will keep the remaining 25 percent shareholding.

“All relevant approvals  including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia have been obtained,” stated a press release from Maybank.