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KUALA LUMPUR: AMMB Holdings Bhd’s 51%-owned subsidiary, AmGeneral Holdings Bhd (AGHB), has obtained approval from the Finance Minister for the sale of its wholly-owned subsidiary AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB).

In a statement yesterday, the banking group said AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (IAG).

Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB’s shares while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares.

As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB.