Saturday, 12 April 2008

Kurnia Asia In Joint Venture With Canadia In Cambodia

April 11, 2008 19:01 PM

KUALA LUMPUR, April 11 (Bernama) -- Kurnia Asia Bhd (KAB) has agreed to team up with Canadia Investment Holdings Plc (CIHP) to establish a joint venture company in Cambodia to undertake general and life insurance businesses.

In a joint statement Friday, KAB and CIHP said the joint venture company under the name Cana Kurnia Insurance Plc will be headquartered in Phnom Penh.

The equity shareholdings of Cana Kurnia will held by KAB via its subsidiary Kurnia Asia Pte Ltd and CIHP in the proportion of 49 percent and 51 percent respectively.

"While the proposed joint venture represents an opportunity for CIHP to diversify into the insurance businesses in Cambodia, it is part of KAB's business strategy to expand geographically to Cambodia," the two companies said.

CIHP holds the entire equity interest of Canadia Bank Plc, which is Cambodia's largest bank, and KAB holds the entire equity interest in Kurnia Insurans (Malaysia) Bhd, currently the largest general insurer in Malaysia.


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