www.btimes.comm.my- Takaful Malaysia recently received an enquiry from a close-knit family-run conglomerate, says its group managing director
Kuala Lumpur: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) is close to selling a stake in its Indonesian unit to a local partner to expand its distribution network in the republic.
Group managing director Datuk Hassan Kamil said the insurer will consider issuing new shares as well. (source)
“We recently got another enquiry from a very large local insurance group. They are a close-knit family-run conglomerate,” Hassan told Business Times in an exclusive interview recently.
However, he declined to disclose the identity of the interested party but said Takaful Malaysia hopes to wrap up the deal this year.
“They are quite serious. We just had two meetings with them so far and they are about to bring it up to their upper management,” Hassan added.
The conglomerate has businesses in manufacturing, insurance and banking with more than 1,000 branches in Indonesia. Takaful Malaysia had in the past offered up to 30 per cent of its
Indonesian unit to an Islamic bank to expand its distribution
network in the republic.
Takaful Malaysia holds 56 per cent of PT Takaful Indonesia.
Bank Muamalat Indonesia is also a shareholder with a six
per cent stake.
Other major shareholders are the Islamic Development Bank
(26.39 per cent) and Permodalan Nasional Madani (PNM).
According to Hassan, Bank Muamalat is keen to grow its fee-based income by leveraging on a local partner with a wider branch network.
It hopes this will boost its distribution capabilities and cross-selling opportunities for the group. Bank Muamalat has some 3,000 branches in Indonesia.
Takaful Indonesia is now undergoing a restructuring where the holding entity will be dissolved with the shareholdings being transferred directly to its operating units.
“This is one of the things we are doing to streamline our business in Indonesia. With that done, Takaful Malaysia’s value will be direct to the operating companies,” he said.
Takaful Indonesia’s units are PT Asuransi Takaful Umum (general takaful company), and PT Asuransi Takaful Keluarga (family takaful operator).
Hassan said the restructuring is not dependent on the new strategic partner coming on board. “We are waiting for the final comment from the other major shareholders. Once that is wrapped
up, an extraordinary general meeting would be convened to seek shareholders’ approval,” he said.
Hassan noted that the interested party will enter at this point to take up a major share in the company.
Source : http://www.btimes.com.my/Current_News/BTIMES/articles/20120307004632/Article/index_html - March 7, 2012
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