IAG to sell Southeast Asian businesses
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Insurance Australia Group Ltd. plans to sell its four Southeast Asian businesses in deals that could be valued at about $500 million, Reuters reported citing sources. IAG has ventures in Malaysia, Thailand, Vietnam and Indonesia and could complete the sale by the third quarter, the sources said. IAG owns a 49% stake in its Malaysian venture AmGeneral Holdings Berhad, 99% stake in Thailand's Safety Insurance P.C.L., 80% stake in Indonesian insurer PT Asuransi Parolamas and 63% of AAA Assurance Corp. in Vietnam.
