NTUC Enterprise Co-operative Ltd is expected to continue retaining a substantial stake in Income Insurance, despite the planned majority stake sale.
SINGAPORE: Allianz has announced its intention to acquire a majority stake in Singapore-based Income Insurance, a move pending regulatory approval. The acquisition offer, spearheaded by Allianz Europe B.V., proposes a price of US$30.23 per share, totaling approximately US$1.64 billion for a 51% stake in the company.
Anusha Thavarajah, Regional Chief Executive Officer of Allianz Asia Pacific, emphasized the strategic importance of this acquisition in a press release: “Asia holds great strategic importance for Allianz, and we are committed to investing in Singapore by partnering with a well-respected local institution.”
Income Insurance has also reassured stakeholders that discussions regarding the potential transaction with Allianz are ongoing. In a media statement released just a few days prior, the company stated: “Income Insurance would like to update that the discussions are ongoing. Income Insurance reiterates that there is no assurance that any transaction will materialize or that any definitive or binding agreement will be reached.
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