Pursuits
Khazanah Said to Weigh Insurance Deal With Billionaire Quek
- Malaysian sovereign fund seeks to boost insurance operations
- Deal could value stakes in Hong Leong units at $805 million
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Khazanah Nasional Bhd., the $27 billion Malaysian sovereign fund, is weighing a bid for control of the insurance operations of billionaire Quek Leng Chan’s Hong Leong Financial Group Bhd., people with knowledge of the matter said.
Khazanah is considering an offer for Hong Leong Financial’s 70 percent stake in Hong Leong Assurance Bhd. and its 65 percent holding in Hong Leong MSIG Takaful Bhd., according to the people. A bid could be valued at about 3.2 billion ringgit ($799 million), one of the people said, asking not to be identified as the information is private.