DRB-HICOM PLANNING TO SELL INSURANCE UNITS, SAYS BUSINESS TIMES

Malaysia-based integrated motor company DRB-HICOM is planning to sell its Uni Asia insurance subsidiaries for up to 900m ringgit ($265m), according to a report in Business Times Malaysia . Bankers advising the company were reported as saying that DRB-HICOM had asked permission from Central Bank Negara to begin talks on a possible sale. Discussions were said to be taking place with foreign and local players. DRB-HICOM owns 51% of Uni Asia Capital, which has two operating subsidiaries — Uni Asia Assurance and Uni Asia General Insurance. The former had gross premiums of 238m ringgit in 2006, while Uni Asia General had operating income of 345.45m ringgit. DRB-HICOM was reported to be looking to clean up its debt balances, which cost it 143.7m ringgit in interest payments last year.