The Star Malaysia - StarBiz

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.

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