DRB-HICOM GAINS APPROVAL TO START TALKS ON INSURANCE SALE

Malaysia-based diversified motor and financial services company DR-HICOM has obtained the approval of the central bank to begin negotiations with OSK Holdings over the sale of DRB-HICOM’s 51% stake in insurer Uni.Asia Capital for up to 900m ringgit ($265m). Uni.Asia is a joint venture between DRB-HICOM and Singapore-based United Overseas Bank Ltd. Uni.Asia Capital has two operating subsidiaries, Uni.Asia Assurance and Uni.Asia General Assurance. The former had gross premiums of 238m ringgit in 2006, while Uni.Asia General had operating income of 345.45m ringgit.