Company Briefs

UOB to sell its indirect stake in Uni.Asia

UNITED Overseas Bank plans to divest itself of its 33.37 per cent indirect shareholding in Uni.Asia General Insurance Bhd for RM374.5 million (S$143.3 million) in cash. The sale is pending regulatory approval. On completion of the sale, UAG will cease to be an associated company of UOB and its subsidiary, UOB (Malaysia) Bhd. UAG, a general insurer in Malaysia, is 68.09 per cent owned by Uni.Asia Capital Sdn Bhd (UAC). UAC, which is jointly owned by UOB (Malaysia) and Malaysian conglomerate DRB-Hicom Bhd's unit, Gadek (Malaysia) Bhd, sold its entire stake in UAG to Liberty UK and Europe Holdings.

Hosen reports tripling of full-year profit