Idaman says Shriram declines to buy unit

MALAYSIAN insurance company Idaman Unggul said on yesterday that Shriram Capital ended talks to acquire its stake in Tahan Insurance.

“Shriram Capital Ltd has ... notified the company of its intention to terminate the negotiation with the company on the proposed acquisition of the equity interest in Tahan,” Idaman Unggul told the stock exchange.

It gave no reasons for the termination of talks but added that negotiations with Tokio Marine Asia Pte Ltd for the proposed acquisition of the general insurance business of Tahan Insurance is still ongoing. - Reuters