KURNIA ASIA, AIA, INTERESTED IN MAA STAKE, CLAIMS REPORT

Malaysia’s largest motor insurer, Kurnia Asia, and AIG subsidiary AIA are two of the more than 10 companies that have expressed an interest in buying a 49% stake in Malaysian Assurance Alliance (MAA) Holdings, according to Business Times Malaysia , citing an industry source. MAA chief executive Umar Swift said that, even though Central Bank Negara rules now permitted companies to enter into talks with more than one party simultaneously, “at this point in time it is our intention to enter into talks with a preferred partner”. Kurnia Asia CEO Adrian Loh Heong Chow said earlier this year that his company was looking to expand its business in new markets through joint ventures. MAA Holdings is controlled by the Melewar Group, which has links to the Negri Semblian royalty. It has an agency base of more than 14,000 in Malaysia, as well as interested in the Philippines and Indonesia.