Bank Negara approved MNRB's acquisition of Labuan Re
KUALA LUMPUR: MNRB Holdings Bhd has secured Bank Negara Malaysia’s approval to acquire an 80 per cent stake in Labuan Reinsurance (L) Ltd (Labuan Re) for US$100.69 million (RM400.49 million), bringing the proposed deal closer to completion.
KUALA LUMPUR: MNRB Holdings Bhd has received approval from Bank Negara Malaysia to acquire an 80% stake in Labuan Reinsurance Ltd (Labuan Re) for $100.69 million (RM400.49 million). The proposed deal is closer to completion after the central bank approved the acquisition under Section 85(1)(a) of the Financial Services Act 2013 on August 21, pending Labuan Financial Services Authority approval.
This follows a conditional share purchase agreement signed in May 19, where MNRB bought 120 million shares representing 80% of Labuan Re's equity from existing shareholders. Upon completion, MNRB will own 80% of Labuan Re directly, while Malaysian Reinsurance Bhd will retain its 20% stake, making Labuan Re a wholly-owned subsidiary of MNRB.
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