Malaysia: Etiqa completes acquisition of 75% stake in Indonesian insurer

Source: Middle East Insurance Review | Nov 2017

Etiqa, the insurance and takaful arm of Malayan Banking Bhd’s International Holdings (Maybank), has completed the acquisition of a 75% stake in Indonesian general insurer PT Asuransi Asoka Mas for IDR207.2 billion (US$15.3 million).

In a filing with Bursa Malaysia, Maybank said the 750 million shares were purchased from PT Transpacific Mutualcapita, which will keep the remaining 25% shareholding in PT Asuransi Asoka Mas.

It added that all relevant approvals, including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia, have been obtained.

“This acquisition is in line with Maybank group’s insurance and takaful business vision to be a leading regional insurance player,” said the banking group.

Based on PT Asuransi Asoka Mas’s website, it has nine branch offices and 28 representative offices throughout Indonesia. M

IDR1,000 = US$0.07

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