Memorandum of Understanding ("MOU") between Malayan Banking Berahd ("Maybank") and PT Panin Life Tbk ("Panin")

Dec 31, 2007 Back
Type Announcement
Subject Memorandum of Understanding ("MOU") between Malayan Banking Berahd ("Maybank") and PT Panin Life Tbk ("Panin")

Contents :

Maybank wishes to refer to its announcements on 30 March 2007, 20 August 2007, 28 September 2007 and 13 November 2007 in respect of the signing of an MOU with Panin Life Tbk for both Maybank Group and PT Panin Life Tbk to commence discussion on a possible joint venture partnership via the acquisition of a 60% stake in PT Anugrah Life Insurance, a subsidiary of PT Panin Life Tbk.


Further to our previous announcement whereby the Ministry of Finance of the Republic of Indonesia (“MOF”) had written to Panin on 6 November 2007 informing that the MOF was unable at this stage to proceed to consider the application by Maybank for approval on the above proposed acquisition, due to the limitations of Article 43(2) of the MOF Regulation No.426/KMK.06/2003 which requires a foreign holding company to maintain a majority of its portfolio in insurance business should it wish to become a shareholder of a local insurance company, Maybank is still currently reviewing its earlier business proposal and the relevant announcement on its proposed next course of action would be made in due course.

This announcement is dated 31 December 2007.

 

Announcement Info

Company Name MALAYAN BANKING BERHAD  
Stock Name MAYBANK    
Date Announced 31 Dec 2007  
Category General Announcement
Reference No MB-071231-59995