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AMMB Holdings Bhd Looking To Sell 51% In Insurance Unit; Sees Manulife Financial Corp., MetLife Inc. and ACE Group As Probable Buyers-DJ

Wednesday, 18 Sep 2013 06:39am EDT 

Dow Jones reported that AMMB Holdings Bhd which had earlier sought to sell up to 70% in its life insurance business, is now looking to sell a smaller amount of up to 51%, after banking regulators expressed concerns about the extent of foreign ownership in the deal. AMMB short-listed global insurers Manulife Financial Corp., MetLife Inc. and ACE Group as buyers for the bulk of its conventional insurance business, and in its Islamic insurance arm or takaful earlier this year, in a deal that could have been worth as much as $600 million. Parties involved have yet to agree on the size of the stakes they will be bidding for. A final candidate will be presented to Bank Negara Malaysia by October for the deal to be completed by the end of this year.