Maybank sells off Philippine insurer’s shares

KUALA LUMPUR: Malayan Banking Bhd had disposed of 70% of its shares in indirect subsidiary Philippinebased AsianLife and General Assurance Corp to STI Investments Inc for RM31.02mil, which is about 1.5 times the book value of the company.

“The disposal has been completed and, accordingly, AsianLife has ceased to be an indirect subsidiary of Maybank. The disposal is not expected to have any material effect on the shareholdings, earnings, net assets and gearing of Maybank for the financial year ending Dec 31, 2012,” it said in an announcement to Bursa Malaysia.

AsianLife is a licensed insurance company offering life insurance packages to businesses, families and individuals in the Philippines.