MAA sweetens offer to AmAssurance
Topik: Business Times, MAA Takaful on Mar 24th, 2008 Comments Off
Source: Business Times, 24 March 2008
MAA Holdings Bhd (MAAH) has offered AmAssurance Bhd 10 per cent of its Islamic insurance arm as part of a bigger deal to sell its general insurance business, a source said.
“MAAH has been reeling from solvency issues that turned the company into the red last year. Offering a minor stake in MAA Takaful Bhd (MAAT) would sweeten the deal for AmAssurance,” the source said.
AMMB Holdings Bhd holds 70 per cent of AmAssurance and a similar stake in AmG Insurance Bhd, the group’s general business arm.
MAAH plans to sell its general insurance business to AmG Insurance.
For AMMB, having an Islamic insurance arm would complement its existing Islamic banking business.
Last Tuesday, the central bank gave its nod for talks that could lead to AmAssurance buying a stake in MAAT.
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