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UPDATE 1-Malaysia's AmBank makes offer for MAA insurance unit

Mon Nov 10, 2008 1:59am EST

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(adds financial details)

KUALA LUMPUR, Nov 10 (Reuters) - Malaysia's fifth-largest lender AmBank Group (AMMB.KL) has made an offer for MAA Holdings' (MAAS.KL) general insurance unit as well as a 4.9 percent stake in MAA's Takaful or Islamic insurance unit, the companies said on Monday.

The deal, now subject to regulatory approvals, is expected to be completed by mid-2009, a joint statement by the companies said.

They said that the general insurance transaction was valued at 274.5 million Malaysian ringgit ($77.32 million) and the Takaful deal at 16.2 million ringgit.

(Reporting by Faisal Aziz; Writing by Soo Ai Peng; Editing by David Chance and Niluksi Koswanage)



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