LONDON (dpa-AFX) - Prudential plc (PRU.L), Tuesday announced updates on its ownership interest in Prudential Assurance Malaysia Berhad.
The company owns 51 percent stake in Sri Han Suria Sdn Bhd, the holding company of its Malaysian life insurance business, while the remaining stake is owned by Detik Ria Sdn Bhd.
Later, Prudential agreed to acquire Detik's stake, but the latter failed to complete the share transfer in 2019, leading to a legal dispute.
Recently, the Federal Court of Malaysia overturned the previous rulings of the High Court and the Court of Appeal, which favored Prudential's contractual rights to increase its shareholding to 100 percent in Sri Han Suria Sdn Bhd.
The company said that the accounting treatment changes of Prudential's ownership interest would be reflected in the Group's half yearly financial report.
Currently, Prudential's stock is trading at 685 pence, up 1.66 percent on the London Stock Exchange.
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