Kurnia to Acquire KIT

Kurnia Asia Bhd ("KAB") is to acquire 18.9% of Kurnia Insurance (Thailand) Company Limited ("KIT") for a total cash consideration of Baht 75.6 mil. In addition, KAB will subscribe for 8 mil KIT new shares for Baht 80 mil, bringing its total holdings to 26.27% of the enlarged share capital.

KIT is involved in underwriting of non-life insurance in Thailand. It has 4 branches, 1 service centre, over 300 panel garages and more than 200 employees. Motor segment is a large proportion of KIT's business.

Source: Bursa Malaysia