MPHB Capital sees minister’s nod to sell stake in insurer

PETALING JAYA: MPHB Capital Bhd is seeking approval from the minister of finance to dispose of a 49% stake in Multi-Purpose Insurans Bhd (MPIB), after it received a no-objection notice from Bank Negara early this year.
In a filing with the stock exchange, MPHB Capital said the application has been submitted to Bank Negara to seek the approval of the minister of finance pursuant to Section 89 of the Financial Services Act, 2013.
It includes the grant of options to dispose/acquire equity interest in MPIB and the entry into definitive agreements for the aforementioned transactions with an interested party.
"MPHB Capital will make the necessary announcements as and when there are further developments in relation to the aforementioned transactions," it said.