AFFIN Holdings Bhd has signed a conditional business transfer agreement
(BTA) with Australia-based National Mutual International Pty Ltd (NMI)
and Tahan Insurance Malaysia Bhd for the proposed acquisition of Tahan's
life insurance business for RM121mil cash.
The purchase consideration will comprise RM89.8mil and RM31.2mil, being
the amount owing by the life fund of Tahan's life business to its shareholder
Idaman Unggul Bhd, Affin told Bursa Malaysia.
Tahan is principally involved in the underwriting of life insurance and
all classes of general insurance business.
For the year ended Dec 31, 2004, Tahan registered an audited net profit
of RM1.77mil and net tangible assets of RM17.978mil.
NMI is a wholly owned subsidiary of AXA Asia Pacific Holdings Ltd, which
has investments in life insurance businesses in Asia Pacific.
The proposal is subject to the approval of Idaman Unggul shareholders
at an EGM to be convened, and regulatory approvals.
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