He added that when he and Tan Kin Lian led NTUC Income they had run it as a cooperative as they wanted to “maximise social impact.”
SINGAPORE: Yet another former NTUC Income CEO has expressed concerns over the plan for Allianz to acquire a majority stake in Income Insurance.Officer of NTUC Income Insurance Co-operative Limited from 2007 to 2013, as calling the transaction a “breach of good faith.”
He also told CNA that he had been assured that NTUC Enterprise was committed to Income Insurance. “This was what I had hoped would not happen. I did not expect the sale of majority shareholding to a very commercial European insurer to happen. My concern about the fair treatment of minority shareholders when the corporatisation happened remains,” he said.
Allianz announced the acquisition offer, which is still pending regulatory approval, on July 18. Its proposed price is US$30.23 per share, for a total of approximately US$1.64 billion for a 51 per cent stake in the company.“We need full transparency on this. It’s a national issue that can’t be ignored; The whole purpose of Income will be made redundant if this deal goes through, with no safety nets for the lower income,” wrote one.
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