P&O awaits Bank Negara approval.

P&O-awaits-Bank-Negara-approval

Tuesday August 3, 2010. By The StarBizWeek.

Petaling Jaya: Pacific & Orient Insurance Co Bhd (P&O) is seeking Bank Negara approval to begin discussions with Prudential Holdings Ltd for a stake sale to the latter.

On July 29, P&O had written to Bank Negara to seek approval to begin preliminary discussions for the potential divestment of an equity interest in P&O to Prudential.

“Approval remains pending and discussions will only commence once approval has been obtained,” P&O told Bursa Malaysia yesterday.

Last week, StarBizWeek reported that Prudential was believed to have submitted an application to Bank Negara to commence talks on the potential acquisition of P&O.

When contacted, P&O declined to comment on the matter while a spokesman from Prudential Malaysia said “it did not comment on a market speculation”.

P&O‘s main focus is in financial services and information technology.

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