Deals
FWD to Buy Majority Stake in Malaysian Insurer Ahead of IPO
- FWD, co-investors to buy 70% in Malaysian firm Gibraltar BSN
- Stake in Gibraltar BSN sold by Prudential Financial subsidiary
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FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has agreed to buy a majority stake in Gibraltar BSN Life Bhd., a move that allows it to tap into the Southeast Asian market’s growth potential ahead of FWD’s planned initial public offering.
FWD, along with a group of investors, will buy a 70% stake in Gibraltar BSN from a subsidiary of New York-listed Prudential Financial Inc., according to a statement on Monday. The transaction will allow FWD to make a foray into the Malaysian life insurance market. Bank Simpanan Nasional Bhd. will continue to hold the remaining 30%.