| Khazanah Nasional Bhd, the sovereign wealth fund, is reportedly considering a RM3.2 billion bid for control of billionaire Quek Leng Chan’s Hong Leong Financial Group, according to Bloomberg News. Quek, chairman of Hong Leong Financial, is Malaysia’s fifth richest person with a net worth of USD4.3 billion, according to the Bloomberg Billionaires Index.
Khazanah, which had net asset value of RM109 billion in investments at the end of December, may take Hong Leong Financial’s 70 per cent stake in Hong Leong Assurance Bhd and its 65 per cent stake in Hong Leong MSIG Takaful Bhd, according to sources. Japan’s Mitsui Sumitomo Insurance Co bought 30 per cent of Hong Leong Assurance in 2010. The next year, it bought 35 per cent of Hong Leong MISG...............................................Full Article: Source |