Pacific & Orient Seeks Central Bank OK To Sell Stake In Insurance Unit

2nd Aug 2010 12:21

KUALA LUMPUR (Dow Jones)--Malaysia's Pacific & Orient Bhd (6009.KU) said Monday it is seeking approval from the central bank to begin talks to sell a stake in its insurance unit, Pacific & Orient Insurance Co. Bhd., to Prudential Holdings Ltd., which is a part of U.K. insurer Prudential PLC (PRU.LN). "Approval remains pending and discussions will only commence once approval has been obtained," Pacific & Orient said in a stock exchange filing. Pacific & Orient is the latest Malaysian insurer to seek a foreign partner as consolidation in the country's crowded insurance industry gathers pace. Hong Leong Financial Group Bhd. (1082.KU), PacificMas Bhd. (4782.KU) and Jerneh Asia Bhd. (6394.KU) are among the companies that have, in recent months, either completed or are in the process of completing the sale of stakes in their insurance operations to larger foreign insurers. Pacific & Orient Insurance, which was formed in 1972, is a major non-life insurance company in Malaysia. -By Benjamin Low, Dow Jones Newswires; 603-2026-1233; [email protected] (END) Dow Jones Newswires August 02, 2010 07:21 ET (11:21 GMT)