Malaysia: Allianz Malaysia halts HSBC Amanah Takaful M&A talks
Source: Middle East Insurance Review | Jun 2017
Allianz Malaysia Berhad (AMB) has discontinued its talks to purchase a 100% stake in HSBC Amanah Takaful (Malaysia), according to a statement filed with the Kuala Lumpur stock exchange in late April.
The statement said: “The Board of Directors of AMB wishes to announce that the company has discontinued its negotiations with the shareholders of HSBC Amanah Takaful (Malaysia) Berhad namely, HSBC Insurance (Asia Pacific) Holdings Limited, JAB Capital Berhad and the Employees Provident Fund Board in connection with the proposed acquisition.”
No reason was given for the cessation of negotiations.
On 28 October 2016, the insurer announced that Bank Negara Malaysia (BNM) had, via its letter dated 26 October 2016, stated that it had no objection in principle for AMB to commence negotiations for the proposed acquisition of up to 100% equity interest in HSBC Amanah, “subject to all parties concluding negotiations within six months” from the date of the central bank’s letter. The grace period cited by BNM ended on 25 April 2017. M