Quantcast
Latest Stories

Tanco group buys MaybankATR insurance unit

By

The group of businessman Eusebio Tanco has signed a deal to buy 70 percent of AsianLife Financial Assurance Corp. (ALFA) from the Maybank ATR KimEng Financial Corp. for P428.4 million.

In a disclosure to the Philippine Stock Exchange on Thursday, MaybankATRKE said an agreement had been signed on the sale of about 12.25 billion shares in ALFA to STI Investments Inc.

The 70-percent stake sold to STI was held by MaybankATRKE’s 95.24-percent subsidiary, AsianLife General Assurance Corp. (ALGA).

“The disposal of ALFA would not have a limiting effect on ALGA’s insurance capability as ALGA itself has a composite insurance license,” the company said in a statement.

Maybank ATRKE president Manuel Tordesillas said the group could stay focused on its core business if it unloads ALFA and concentrates instead on ALGA.

The disclosure said the purchase price of P428.4 million was equivalent to 15 times ALFA’s book value as of end-2011. The share purchase agreement is subject to certain conditions precedent to closing, including obtaining regulatory approvals.

Prior to this transaction, Tanco—who also controls PhilPlans Care and PhilPlans First Inc.—was a minority beneficial shareholder and board member of ALFA.

Together, ALFA and ALGA accounted for consolidated insurance premiums of P1.5 billion in 2011, up by 10 percent from the previous year.

Outside of insurance, Maybank ATRKE has interests in investment banking, capital market, asset management and real estate.

The local firm’s new foreign principal owner, the Maybank Group, is Malaysia’s regional financial services leader with an international network of over 2,200 offices in 17 countries.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: acquisition , AsianLife Financial Assurance , Eusebio Tanco , Finance , Malaysia , Maybank ATR KimEng Financial Corp. , Philippines



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Obama, family cause a small stir at Easter service
  • Estrada: Gigi Reyes won’t testify vs JPE
  • Ancient enigmatic carvings in danger of disappearing
  • Tagle: Hope comes with warning on Easter
  • New plant to boost supply of clean energy
  • Sports

  • Goodbye MGM, Las Vegas for Pacquiao?
  • Rain or Shine drops Ginebra in big hole
  • Ateneo whips CSB; Davao debuts with win over FEU
  • PH pug Hipolito Banal decisions Colombian in Aiba
  • Former Pacquiao sparmate Porter keeps IBF title
  • Lifestyle

  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Korean animation comes of age
  • Entertainment

  • Easter musings
  • Solenn in shorts
  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Special section in LA fest for Filipino films
  • Business

  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Bourse to woo Cebu stock mart investors
  • Supper power
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Marketplace