Etiqa completes purchase of Indonesian insurer

PETALING JAYA: Malayan Banking Bhd’s wholly owned subsidiary Etiqa International Holdings Sdn Bhd has completed the acquisition of 75% of PT Asuransi Asoka Mas, an Indonesian general insurance company for RM64.92 million.

All relevant approvals for the deal including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia have been obtained.

The 750 million shares were acquired for 207 billion rupiah (RM64.92 million) from PT Transpacific Mutualcapita, which will keep the remaining 25% of Asuransi Asoka Mas.