Billionaire Tan Sri Vincent Tan is reportedly considering selling his remaining 30% stake in Prudential Assurance Malaysia Bhd, according to people familiar with the matter.
Tan is said to be in discussions with advisers regarding a potential divestment following the earlier disposal of a 19% stake in the insurer this year. Sources indicated that the stake sale could value Prudential Malaysia at more than RM20 billion, although discussions remain at an early stage and may not necessarily lead to a transaction.
The proposed valuation could also change as deliberations continue, the sources added.
Tan’s investment vehicle, Detik Ria Sdn Bhd, which is also linked to the Johor royal family, previously resolved a long-standing legal dispute with Prudential Plc last year. The settlement resulted in Prudential acquiring a 19% stake in the Malaysian insurer.
The deal at the time valued Prudential Assurance Malaysia at approximately RM8 billion, leaving Detik Ria with a 30% holding while Prudential Plc retained a 70% stake, which is the maximum foreign ownership permitted under Malaysian insurance regulations.
Any potential buyer for Tan’s remaining stake would need to be Malaysian due to local ownership rules governing the insurance sector.
Tan declined to comment on the matter, while Prudential and its Malaysian unit did not respond to requests for comment.
