KUALA LUMPUR, May 29 — Tan Sri Vincent Tan is considering selling his remaining 30 per cent stake in Prudential Assurance Malaysia Bhd, business media company Bloomberg reported today.
The tycoon, whose Berjaya conglomerate spans property, retail and gaming, has begun informal talks with advisers over a potential divestment, sources said, asking not to be identified as the deliberations are confidential.
One of the people added that Tan may seek to price the transaction at a valuation that implies the entire Malaysian insurer is worth RM20 billion or more.
Such a price would mark a sharp uplift from the terms agreed with Prudential plc only last year.
In 2023, Tan’s investment vehicle Detik Ria Sdn ended a protracted legal dispute with the London-headquartered insurer.
That settlement saw Tan sell a 19 per cent stake to Prudential plc at a valuation of about RM8 billion for the entire Malaysian unit — less than half the figure now being floated.
Following that transaction, Prudential plc held 70 per cent of the Malaysian business, the maximum allowed for a foreign investor under Bank Negara Malaysia’s rules governing domestic insurers. Detik Ria retained the remaining 30 per cent.
Any buyer for Tan’s stake would therefore need to be a Malaysian party, the report added.
The sources cautioned that discussions remain at a preliminary stage and may not lead to a sale. The price expectations could also shift depending on buyer appetite and regulatory considerations.
Tan declined to comment when contacted by Bloomberg. Prudential plc and its Malaysian unit did not respond to requests for comment.
