Great Eastern's potential move to divest Malaysian insurance arm sends Kuchai shares higher

SINGAPORE (Jan 15): Shares in Bursa Malaysia-listed Kuchai Development rose as much as 54 sen or 24% to RM2.82 (94 cents) on Monday.

This came on market expectations that Kuchai is poised to be a major beneficiary from the impending listing of Great Eastern’s insurance arm in Malaysia.

Great Eastern, the insurance arm of OCBC Bank, last Sept announced it is assessing options to divest its minority stake in Great Eastern Life Assurance (Malaysia) for as much as US$1 billion ($1.35 billion).

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