The Securities Commission (SC) has granted an exemption to ING Insurance Asia N.V. from making a mandatory offer for the remaining equity stakes in ING Public Takaful Ehsan Bhd and ING Funds Bhd.
In a statement today, ING Insurance Asia said the mandatory offer obligation arose in connection with a proposed internal corporate restructuring and streamlining of ING Group's insurance operations in the US and the European-Asian region.
In conjunction with this proposed corporate restructuring exercise, ING Insurance International B.V. proposes to transfer its 100 per cent equity interest in ING Management Holdings (Malaysia) Sdn Bhd to ING Insurance Asia.
After the proposed transfer, ING Insurance Asia will hold an indirect 60 per cent equity interest in ING Public Takaful and an indirect 70 per cent equity interest in ING Funds.
The remaining shareholders of ING Public Takaful (namely Public Islamic Bank Bhd and Public Bank Bhd) and of ING Funds (namely TAB Inter-Asia Services Sdn Bhd) had provided undertaking letters that they would not accept a takeover offer, if such an offer is made.
"On that basis, ING Insurance Asia made an application to the SC on September 14 seeking the exemption. The exemption was granted by the SC on October 25," the company said. -- Bernama
In a statement today, ING Insurance Asia said the mandatory offer obligation arose in connection with a proposed internal corporate restructuring and streamlining of ING Group's insurance operations in the US and the European-Asian region.
In conjunction with this proposed corporate restructuring exercise, ING Insurance International B.V. proposes to transfer its 100 per cent equity interest in ING Management Holdings (Malaysia) Sdn Bhd to ING Insurance Asia.
After the proposed transfer, ING Insurance Asia will hold an indirect 60 per cent equity interest in ING Public Takaful and an indirect 70 per cent equity interest in ING Funds.
The remaining shareholders of ING Public Takaful (namely Public Islamic Bank Bhd and Public Bank Bhd) and of ING Funds (namely TAB Inter-Asia Services Sdn Bhd) had provided undertaking letters that they would not accept a takeover offer, if such an offer is made.
"On that basis, ING Insurance Asia made an application to the SC on September 14 seeking the exemption. The exemption was granted by the SC on October 25," the company said. -- Bernama
