Singapore’s Great Eastern Holdings Ltd is exploring cutting its local holding to 70 percent through a sale or IPO, the people said, asking not to be identified because the details are private.
A sale of a 30 percent stake in Great Eastern Life Assurance (Malaysia) Bhd. could raise about 5 billion ringgit ($1.2 billion).
Foreign insurers have until end of June 2018 to reduce their holdings in local firms to 70 percent at most, one person said.
The country’s central bank has been weighing tougher enforcement of a cap on foreign ownership as it seeks to boost local participation in the industry, people familiar with the matter said in April.
https://www.bloomberg.com/news/articles/201...-malaysia-deals
Great Eastern Life Assurance Malaysia IPO, A potential RM 5 billion IPO