By DALJIT DHESI
HOT on the heels of its recent approval to commence discussions with Abu Dhabi-Kuwait-Malaysia Strategic Investment Corp, Syarikat Takaful Malaysia Bhd (STMB) is waiting to start negotiations with another suitor from the Middle East for a strategic stake in STMB.
Group managing director Datuk Hassan Kamil told StarBiz that STMB recently submitted a letter to Bank Negara seeking approval to commence discussions with a Middle East-based company.
It hopes to receive the central bank's reply in about a week's time.
“We now have two potential suitors, a consortium and a company, both with solid track records. We will accept any of the two that gives us the best deal and will add value to the group.
“Apart from the right price, the company will also consider other factors like expertise, business opportunities as well as good working relationship and “chemistry” between the board and its suitors,'' he added.
He said the Middle Eastern company had strong distribution network in the continent (Middle East) and would facilitate in the distribution of its products there.
Malaysia's first Islamic insurer received Bank Negara's green light last month to commence negotiations with the Abu Dhabi-led consortium for the sale of a strategic stake in the group.
According to Hassan, although the suitors have not met face-to-face, at end of the day there could be a possible partnership between the two to acquire up to 49% of the group, as both were capable to add value to STMB.
The proposed disposal of the strategic stake in the group include collectively its reinsurance arm Asean Retakaful International (L) Ltd, its Indonesian subsidiary PT Syarikat Takaful Indonesia, apart from the company itself, he noted.
On another note, he said the company hoped to receive a proposal from the consortium by end of the month, as currently it (consortium) was conducting due diligence and working with merchant bankers on some proposals.
Hassan said he hoped the foreign market would be a bigger contributor to the group's revenue upon completion of the deals.
http://thestar.com.my/news/story.asp?file=/2007/11/19/business/19474803&sec=business
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