CORRECTED-Malaysia DRB-HICOM unit seeks govt approval to sell life assurance business
(Corrects deal value to 518 mln rgt from 580 mln rgt In paragraph 1)
KUALA LUMPUR Aug 15 (Reuters) - A unit of Malaysian autos-to-property conglomerate DRB-HICOM is seeking government approval to sell Uni Asia Life Assurance Bhd in a deal valued at 518 million ringgit ($158.10 million).
The buyer is an unnamed company to be owned by Prudential Insurance Company of America and Malaysia's Bank Simpanan Nasional on a 70:30 shareholding basis, DRB-HICOM said in a stock exchange announcement on Thursday.
DRB-HICOM said its 51 percent owned Uni Asia Capital had submitted an application for the country's minister of finance to review the proposal to sell its 100 percent stake in Uni Asia Life Assurance for cash.
Malaysia's central bank had given the green light on August 15 for UAC to start negotiations with "certain parties" who want to acquire an interest in Uni Asia Life Assurance, DRB-HICOM said. ($1 = 3.2765 Malaysian ringgit) (Reporting by Niluksi Koswanage; Editing by Paul Tait)
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