Prudential (PUK) said Thursday that its unit Prudential Corp. Holdings has agreed to acquire an additional 19% stake in Sri Han Suria from Detik Ria for 1.52 billion Malaysian ringgit ($376.2 million), bringing its total stake to 70%.
Sri Han Suria is the holding company that owns Prudential Assurance Malaysia Berhad, Prudential said.
Prudential said Bank Negara Malaysia has approved the deal, which is expected to be completed shortly.
Prudential said the deal would have been accretive to the company's and its units' IFRS earnings per share.
Shares of the company were up more than 2% in recent Thursday premarket activity.
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