Kurnia Asia In Joint Venture With Canadia In Cambodia
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 pro****tion of 49
percent and 51 percent respectively.
"While the proposed joint venture represents an op****tunity 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.
