KUALA LUMPUR: MNRB Holdings Bhd’s proposed acquisition of an 80% equity interest in Labuan Reinsurance (L) Ltd (Labuan Re) for US$100.69mil (RM400.49mil) has received approval from the Labuan Financial Services Authority (Labuan FSA).

In a filing with Bursa Malaysia, MNRB said Labuan FSA had approved Labuan Re’s application relating to changes in its shareholding structure and board composition, as well as amendments to its constituent documents.

MNRB said the approval is conditional upon Labuan Re submitting the prescribed documents and information within the stipulated timeframe and complying with applicable laws and requirements.

The proposed acquisition, which was first announced in May, will see MNRB acquire an 80% equity interest in Labuan Re for a total cash consideration of US$100.69mil.

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