Great Eastern weighs options on Malaysian unit's stake sale

INSURER Great Eastern Holdings on Thursday said it is "assessing possible options" in response to reports on Wednesday that it is looking to sell its stake in its Malaysian unit.

In a filing to the Singapore Exchange, the composite insurer said the assessment involves "a minority stake in Great Eastern Life Assurance (Malaysia) Berhad".

It is to comply with the prevailing foreign ownership requirements applicable to insurance companies in Malaysia.

"The assessment is preliminary at this stage and shareholders are advised that there is no certainty that any agreement will be entered into," said Great Eastern.

The insurer's counter traded 19 Singapore cents lower on Wednesday to close at S$25.70 a share.