Kurnia Group
Kurnia to buy, subscribe for 26.3% of Kurnia Thailand for RM15.6m
THE EDGE DAILY - Friday, June 20th, 2008
KUALA LUMPUR: Kurnia Asia Bhd subsidiary Kurnia Asia Pte Ltd is buying an
18.9% stake in Kurnia Insurance (Thailand) Co Ltd (KIT) from KCJ Co Ltd for
RM7.56 million cash and subsequently, subscribe for another 9.09% stake for
RM8 million cash, raising its interest in the latter to 26.27%.
In a statement yesterday, Kurnia said it had entered into a conditional share
purchase agreement with KCJ yesterday to undertake the acquisition of 15.12
million shares of 10 baht (97.46 sen) each in KIT.
Kurnia’s executive chairman and major shareholder Tan Sri Kua Sian Kooi
is also a director and substantial shareholder of KIT and KCJ. Forbes recently
placed Kua as the 28th richest man in Malaysia, with a net worth of US$194
million (RM640.2 million).
Kurnia said with the proposals, it would gain access to the non-life insurance
market of Thailand. It said the acquisition was in line with its corporate
mission to expand regionally into neighbouring countries and become a leading
insurer in the Asean region.
The proposals are expected to be completed within six months.