Friday 29 Mar 2024
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KUALA LUMPUR (April 25): Allianz Malaysia Bhd has ended discussions to acquire HSBC Amanah Takaful (Malaysia) Bhd.

In a filing with Bursa Malaysia today, Allianz Malaysia said it has discontinued its negotiations with the shareholders of HSBC Amanah, namely HSBC Insurance (Asia Pacific) Holdings Ltd, JAB Capital Bhd and the Employees Provident Fund (EPF) Board, over the proposed acquisition.

It did not give a reason why the talks failed.

Shares of Allianz Malaysia closed 2 sen or 0.17% higher at RM11.50 today, with 271,300 shares traded. Its market capitalisation stood at RM2 billion.

Allianz Malaysia has been pursuing a bid for HSBC Amanah since October last year.

On Oct 28, 2016, Allianz Malaysia announced that Bank Negara Malaysia had via a letter dated Oct 26, 2016 given its nod for Allianz Malaysia to start talks with HSBC Insurance, JAB Capital and the EPF Board to acquire up to 100% equity interest in HSBC Amanah. The parties were given up to six months to conclude the negotiations.

 

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