This article first appeared in The Edge Financial Daily, on April 15, 2016.
KUALA LUMPUR: IHH Healthcare Bhd has disposed of a 90% stake in privately-held, Singapore-based Shenton Insurance Pte Ltd to FWD Group Financial Services Pte Ltd for S$28.4 million (RM81.35 million), subject to post-closing adjustments.
It said the disposal was undertaken as Shenton Insurance was identified as a non-core asset.
In a filing with Bursa Malaysia yesterday, IHH Healthcare said this was done through its indirect wholly-owned subsidiary Parkway Holdings Ltd. Following the disposal, Shenton Insurance ceased to be a subsidiary of Parkway, which may sell the remaining 10% equity interest in the insurer to FWD Group through a put and call option at a consideration to be determined.