Kurnia Group
Kurnia Asia Berhad Listed On Main Board Of Bursa Malaysia
January 27th, 2005
Kuala Lumpur, Thursday - Kurnia Asia Berhad (KAB), the holding company which
wholly owns Kurnia Insurans (M) Berhad (KIMB), was successfully listed on the
Main Board of Bursa Malaysia Securities Berhad (BMSB) when trading commenced
this morning.
Directors and the senior management of KAB and KIMB witnessed the official
listing conducted by Datuk S. K. Kua, Executive Chairman of Kurnia Asia Berhad.
"Kurnia's status as a listed company will give us the leverage to further
expand our business and strengthen our brand name. We are poised to grow our
market share in both the motor and non-motor insurance sectors," said Dato'
Adrian Loh, Executive Director of KAB.
"We are confident of achieving greater market share through higher customer
retention and acquisition of new policyholders" Loh elaborated.
KAB is the largest general insurer listed on the Main Board of Bursa Malaysia.
The company made an Offer For Sale of 543 million ordinary shares of RM 0.25
each to institutional and retail investors. 42,500,000 ordinary shares were
allocated to institutional investors while 500,500,000 ordinary shares were
reserved for the directors, employees and agents of the company, the Malaysian
public and bumiputera investors.
The institutional portion was over-subscribed by 19.6 times while the public
portion was over-subscribed by 9.4 times. The Institutional Price was fixed
at RM 1.06 per ordinary share after a book building exercise while the Final
Retail Price was fixed at RM 1.00 per ordinary share.
KIMB is the largest general insurer in Malaysia and South East Asia with gross
premiums exceeding RM 1 billion. The company has wide network of 30 branches,
1,900 employees, 7,800-strong agency force and 3 million policyholders. It
is the fastest-growing general insurer offering a wide range of general insurance
products and innovative services such as Kurnia Auto Assist and Kurnia Express.