Great Eastern subsidiaries propose acquisition of AmMetLife Insurance

The firm wants 100% of shares in AmMetLife Insurance and AnMetLife Takaful.

Subsidiaries of Great Eastern Holdings Limited are eyeing to acquire AMAB Holdings Sdn Bhd and MetLife International Holdings, LLC, its parent firm announced. 

Great Eastern Life Assurance and Great Eastern Takaful Berhad said they want a proposed acquisition of 100% of shares in AmMetLife Insurance and 100$ of shares in AmMetLife Takaful Berhad.

“Upon completion of the Proposed Acquisition, GELM will hold 100% of the shares in AML and GETB will hold 100% of the shares in AMT,” read the statement.

The proposed acquisition will also see GELM, together with AML, and GETB, together with AMT, entering into exclusive 20-year bancassurance and bancatakaful agreements for the distribution of life insurance and family takaful products through the distribution network of AMMB’s banking subsidiaries, AmBank (M) Berhad and AmBank Islamic Berhad, across Malaysia.

The propsed acquisition must also face approvals from Negara Malaysia and/or the Minister of Finance of the Government of Malaysia, and the Monetary Authority of Singapore. 

Upon approval, AMAB, MetLife, GELM and GETB will enter into a definitive sale and purchase agreement in accordance with the terms of the Implementation Agreement.