Kurnia Group
Kurnia Asia expands Thai operations
THE STAR - Friday, June 20th, 2008
PETALING JAYA: Kurnia Asia Bhd is expanding into Thailand's non-life insurance
business by acquiring 26.27% of Kurnia Insurance (Thailand) Co Ltd (KIT) for
RM15.56mil.
Kurnia Asia said unit Kurnia Asia Pte Ltd (KAPL) had signed a conditional
share purchase agreement with K.C.J. Co Ltd to acquire 15.12 million KIT shares,
or 18.9%, for 75.6 million baht (RM7.56mil).
The next stage would see KAPL subscribing for eight million new KIT shares,
or about 9.09% of the enlarged equity interest in KIT, for 80 million baht
(RM8mil).
When completed, KAPL would hold 26.27% in KIT's enlarged share capital.
Kurnia Asia said KIT was granted an insurance licence on Dec 29, 1997 under
Asia Dynamic Insurance Co Ltd.
KIT assumed its present name in 2001 after the present shareholders took over
the company.
KIT underwrites non-life insurance business in Thailand via four branches,
one service centre and over 300 panel garages nationwide.
Kurnia Asia said the acquisition would enable it to enter Thailand's non-life
insurance market while it sought to expand into other Asean countries.