Tuesday, September 26, 2017

Foreign insurers eyeing up Syarikat Takaful Malaysia

A number of foreign insurers have reportedly expressed interest in acquiring Syarikat Takaful Malaysia, one of the leading and stronger domestic takaful operators in the country.

Sources said foreign insurers have approached BIMB Holdings, which owns 60% stake in Syarikat Takaful, to buy a stake in the country’s oldest takaful company.

Syarikat Takaful has a market value of about M$3.3 billion (US$766 million).

BIMB is reportedly still trying to determine the right price for the sale of a stake in its listed takaful arm.

The source, quoted by The Star Online, said the sale may entail the disposal of BIMB’s 60% stake or a part of it.

During BIMB’s annual general meeting, outgoing CEO Zukri Samat indicated that the group-wide restructuring move may entail the review of BIMB’s 60% stake in Syarikat Takaful Malaysia, among others.

Syarikat Takaful is currently the market leader in the family takaful industry and has been the frontrunner for employee benefits products for the past few years.

 

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