Shares of Jerneh Asia climbed on Wednesday, July 29 on market talk of a corporate deal involving its insurance business.
At 4pm, it is up 30 sen to RM3.12 with two million shares done while the warrants added 23 sen to RM1.63.
In December last year, it announced the proposed sale of its stake in its insurance subsidiary.
It had added then that Bank Negara had no objection in principle for it to commence preliminary negotiations with the relevant parties who have expressed interest to acquire 80% of the issued and paid-up share capital of Jerneh Insurance Berhad from Jerneh Asia.
On May 18 this year, Jerneh Asis said it and Paramount Global Assets Sdn Bhd, a unit of PARAMOUNT CORPORATION BHD [], have submitted an application to BNM to enter into an agreement with a potential buyer.
The agreement was for the proposed disposal by Jerneh Asia and Paramount Global Assets of their respective 80% and 20% equity interests in JIB to the said potential buyer.
Written by Joseph Chin
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