CIMB Group Holdings Bhd (RM7.36/share) Decision on insurance JV stake this Saturday?

CIMB Group could make a decision as early as this Saturday if it will part with its 51% stake in CIMB Aviva Assurance Bhd, people familiar with the matter said. CIMB declined to comment when contacted, as speculation has been rife that the group and its partner, UK’s Aviva plc, have set September 29 as the cut-off point for possible sale. A sale could fetch as much as RM1.5bil for the partners. Malaysia’s second largest bank is looking to cash out on the insurance joint venture if the price is right, Business Times was told. The joint venture has not made the impact as anticipated since Aviva paid about RM500mil for the stake in the insurance unit in 2007.

– Business Times