UOVEY United Overseas Bk (PK)

   By Jason Ng 
 

KUALA LUMPUR--DRB-HICOM Bhd. (1619.KU) said Thursday it plans to sell its insurance arm in a deal worth 518 million ringgit ($158 million) to a company jointly owned by Prudential Financial Inc. (PRU) and Malaysian lender Bank Simpanan Nasional.

Prudential Financial will own 70% in Uni.Asia Life Assurance Bhd., with the remaining 30% to be owned by Bank Simpanan, the company said in a statement to the Malaysian stock exchange.

DRB owns 51% in Uni.Asia via Gadek (Malaysia) Bhd. while United Overseas Bank (Malaysia) Bhd. owns 49% in Uni.Asia.

DRB-HICOM and UOB obtained Malaysia central bank approval to start negotiations to sell Uni.Asia in August last year.

An application for the sale has been submitted to the banking regulator in Malaysia, DRB said.

Write to Jason Ng at jason.ng@wsj.com

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