MAA and AMMB to negotiate on MAA takaful stake
Mar 19th, 2008 by Takaful
Source: The Edge Daily, 19 Mac 2008
KUALA LUMPUR: MAA Holdings Bhd has received the go-ahead from the central bank to begin negotiations with AmAssurance Bhd to sell a stake in wholly owned takaful insurance arm MAA Takaful Bhd.
MAA yesterday said that Bank Negara had in a letter dated March 10 given it the green light to commence negotiations with AmAssurance regarding the sale of stake in MAA Takaful.
In a separate announcement to Bursa Malaysia yesterday, AMMB Holdings Bhd said that AmAssurance would commence discussions for the acquisition of an equity stake in MAA Takaful. However, no details were made on the level of equity stake involved.
Apart from MAA Takaful, MAA is also offering to sell a stake in its wholly owned insurance subsidiary namely MAA Assurance Alliance Bhd.
Earlier this month, MAA chief executive officer and managing director Muhammad Umar Swift said the group had submitted to the central bank the name of a preferred suitor that would acquire a 49% stake in MAA Assurance Alliance for approval.
The suitors that had been named include Allianz Insurance Management Asia Pacific Pte Ltd, AXA Asia Pacific Holdings Limited-Affin Holdings Berhad, Kurnia Asia Berhad and Nippon Life Insurance Co. Kurnia and Nippon Life however, dropped out of the discussions late last year.