By LEE YU TANG
Idaman Unggul Bhd is open to talks with other insurers, apart from Allianz General Insurance Malaysia Bhd (AGIM), to dispose of between 30% and 49% of its subsidiary Tahan Insurance Malaysia Bhd.
A senior company official, who declined to be identified, said Idaman wanted to hold a majority stake in Tahan Insurance, which sold its life insurance business to AXA Affin Life Insurance Bhd for RM121 million cash last year.
Idaman executive chairman Datuk Che Mohd Annuar Che Mohd Senawi said it would start talks soon with AGIM on the proposed sale of a stake in Tahan Insurance.
The parties were given the nod by Bank Negara to conduct the proposed exercise last month.
"We have not started discussions yet," he said, adding that the parties would be drawing up a timeline soon to discuss issues such as pricing, valuation and due diligence.
Annuar said it was in the process of working through acquisition negotiations with AGIM "or with any other interested parties" subject to approval from Bank Negara.
He said Tahan had been given until year-end by the central bank to conclude negotiations with AGIM.
Annuar was speaking to reporters here yesterday after the launch by Tourism Minister Tengku Datuk Seri Adnan Tengku Mansor of Tahan Insurance's basic travel protection plan.
Idaman's share price fell 0.5 sen to 32.5 sen with 1.5 million shares traded yesterday.
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