Insurance business already sold 49% to south african company, mid last year. i doubt merger news would be likely.

the bigger player in car insurance is still kurnia. which has been taken over by AmGeneral.

P&O and Multi-Purpose both have modest market share (both are listed and local companies). behind the likes of amgeneral, allianz, tokio marine, axa affin, msig, lonpac. but equal/ahead of the rest of the world. you will be surprised that there are many more general insurance company that have smaller market share.

P&O main business is not car insurance, is in fact motorcycle insurance. you may get this information from the annual report.

"It only proof that their capital not sufficient for insurance biz and need to topup capital. "

If their capital is not sufficient for insurance business, they won't be running a business at all. I'm not sure about how the dividend payment structure really works in an insurance company, cause i'm only a small potato working for one, but there are many control in place by BNM to ensure sufficient capital, which may be rather conservative.

Eventually the IPO price was RM1.25