Kurnia Group
Kurnia aims to buy Indonesian insurer by Q1
NEW STRAITS TIMES - Tuesday, February 6th, 2007
KURNIA Asia Bhd, hopes to conclude its acquisition of Indonesian insurance firm, PT Asuransi Aegis Indonesia, in the first quarter of this year, said its managing director and chief executive officer Datuk Loh Heong Chow.
"I imagine (the acquisition will be completed) in the first quarter of this year, that is, I expect it in one, two months' time," said Loh.
He said the deal is in the final stages and all relevant information has been lodged.
In November last year, Kurnia Asia's wholly-owned subsidiary, Kurnia Asia Pte Ltd, agreed to buy an 80 per cent stake in Aegis Indonesia, a general insurer.
The deal is worth a total cash consideration of RM17.08 million, involving the purchase of 12 million Aegis shares. Kurnia's first overseas venture was in Thailand.
Loh said as part of the company's geographical diversification, Kurnia Asia will be on the lookout for joint venture opportunities in the region.