18.01.2013 - AmBank looks to sell stake in insurance arm
AmBank Group is looking to sell a stake in its insurance arm to a new partner by June, a report said, adding that it had received interest from several unidentified parties. Managing director Ashok Ramamurthy was quoted as saying in a Bloomberg report it wanted to sell its stakes in its conventional and Islamic insurance units, slightly more than a week after it repurchased the 30% stake in AmLife and AmFamily Takaful from its joint-venture partner Resolution Ltd. It completed the acquisition for RM245mil, implying a price-to-book value multiple of 1.7 times...............................................Full Article: Source
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