Foreign insurers said to plan US$2b of Malaysia deals

Kuala Lumpur

OVERSEAS insurers including Prudential are pursuing plans to sell stakes in their Malaysian units, in deals that could raise at least a combined US$2 billion and help them comply with foreign ownership limits, sources said.

Prudential has asked banks to pitch for a role advising on a domestic initial public offering of its Malaysian unit, an option it is considering alongside a potential stake sale to an investor, according to the sources.