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Wednesday, 5 December 2007

Four Parties Keen On Takaful Malaysia Stake

KUALA LUMPUR, Dec 5 (Bernama) -- Syarikat Takaful Malaysia Bhd, which recently got approval from Bank Negara Malaysia to resume talks with two Middle Eastern parties on sale of its stake, has also been approached by two multinational companies (MNCs) from Europe.Group managing director, Datuk Hassan Kamil, said so far the two Middle Eastern companies -- Abu Dhabi-Kuwait-Malaysia Strategic Investment Corp and Islamic Arab Insurance Co PJSC -- had submitted their proposals."We are still open to other interested parties. In fact, two MNCs are also interested to talk to us through our merchant banks."Hopefully, we will receive all the proposals and present them to the board for evaluation," he told reporters after the group's annual general meeting here today.Hassan said Takaful expected to conclude the deal before end-December."If everything is favourable in terms of pricing and everything else, we hope to agree on the deal by end-December."Formally, the foreign parties will become our partners by the middle of next year," he said.He said the takaful operator expected to leverage on its potential foreign partner's capabilities to penetrate new markets and set up the International Currency Business Unit to offer new products and at the same time generate revenue from overseas operations."We expect the overseas contributions to bring in a large proportion of revenue ... about 20 to 25 percent to the group for the financial year ending June 30, 2008. At the moment, we have yet to receive contributions from overseas," he said.On its Indonesian operations, Hassan said, the takaful operator would form a partnership with an Indonesian syariah bank and an announcement would be made by end of this month."We are talking to a large syariah bank (and) we are hoping to tap its distribution network to enable us to sell products through the bank."Hopefully before year-end, we will name the partner," he said.Its Indonesia business, operated through PT Syarikat Takaful Indonesia, recorded higher net profit of RM2.4 million for financial year ending June 30, 2007 from RM1 million previously.
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