PRU(02378) intends to invest approximately 375 million US dollars to acquire an additional 19% equity stake in SHS, increasing its shareholding percentage to 70%.

PRU (02378) announced that its wholly-owned subsidiary PCHL has agreed to acquire an additional 19% stake in SHS from Detik Ria Sdn. Bhd. (DR) for approximately 1.52 billion Malaysian Ringgit (around 375 million US dollars). Upon completion, PRU's total ownership stake will increase to 70%. The transaction has been approved by the Central Bank of Malaysia and is expected to be completed in the short term. SHS is the holding company of Prudential Assurance Malaysia Berhad (PAMB). PAMB is the traditional life insurance business of PRU in Malaysia, and it, together with its interest in Prudential BSN Takaful Berhad's Islamic insurance business, is collectively reported as PRU's life insurance division in Malaysia. After the completion of the transaction, if DR decides to sell its remaining 30% stake in SHS to one or more third parties with the consent of both parties, PCHL agrees to cooperate with DR on the sale. CEO Anil Wadhwani said: "PRU has been serving Malaysian families for over a century, building trusted life and health insurance businesses and supporting the country's long-term protection and savings needs. This increase in ownership of PAMB demonstrates our deep commitment to Malaysia and our confidence in its future." "We will continue to focus on executing our strategy and ensure that we create long-term value for customers and communities throughout Malaysia through a highly disciplined capital allocation framework."