SINGAPORE: NTUC Enterprise and Income Insurance on Sunday night (Aug 4) rebutted an open letter by their former CEO Tan Suee Chieh, who raised objections to the Income-Allianz deal.
On Friday, Mr Tan posted on Facebook an open letter to the Monetary Authority of Singapore (MAS) chairman Gan Kim Yong asking government regulators to step in. He also criticised several aspects of the deal.
But in raising his objections, he has "cast aspersions on the stakeholders in relation to this proposed transaction", said NTUC Enterprise and Income in a joint statement.
"These aspersions are not well-founded and, indeed, unfair. It is important that we set out the context and full facts accurately."
Germany's Allianz announced on Jul 17 that it was planning to buy a majority stake in Income Insurance for about US$1.6 billion.
It said it would offer S$40.58 per share for a transaction value of S$2.2 billion (US$1.64 billion), for 51 per cent of the shares in Income Insurance.
NTUC Enterprise currently has a 72.8 per cent stake in Income. It will remain a substantial shareholder if the sale goes through.
In an 11-page statement, it laid out an executive summary as well as their full response.
You can read it in full here:
Continue reading...
On Friday, Mr Tan posted on Facebook an open letter to the Monetary Authority of Singapore (MAS) chairman Gan Kim Yong asking government regulators to step in. He also criticised several aspects of the deal.
But in raising his objections, he has "cast aspersions on the stakeholders in relation to this proposed transaction", said NTUC Enterprise and Income in a joint statement.
"These aspersions are not well-founded and, indeed, unfair. It is important that we set out the context and full facts accurately."
Germany's Allianz announced on Jul 17 that it was planning to buy a majority stake in Income Insurance for about US$1.6 billion.
It said it would offer S$40.58 per share for a transaction value of S$2.2 billion (US$1.64 billion), for 51 per cent of the shares in Income Insurance.
NTUC Enterprise currently has a 72.8 per cent stake in Income. It will remain a substantial shareholder if the sale goes through.
In an 11-page statement, it laid out an executive summary as well as their full response.
You can read it in full here:
Continue reading...