In a bourse filing, ARB said that its wholly-owned subsidiary ARB Development Sdn Bhd, and East Insurance PLC, had mutually agreed to terminate the MoU with immediate effect. “Subsequent to the signing of the MOU, East Insurance undertook an internal restructuring exercise. The MoU, announced by ARB on June 17, was for a project valued at no less than US$20 million (RM83.6 million). ARB Development and East Insurance were to have collaborated in the development and implementation of an ERP system in East Insurance’s Cambodian branch’s insurance operation platform. Incorporated in 2017, East Insurance is principally involved in the provision of general and life insurance coverage in Canada.

Source: The Edge Markets December 09, 2019 12:22 UTC