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

Sep 03, 2008 Back
Type Announcement
Subject Memorandum of Understanding ("MOU") between Malayan Banking Berhad ("Maybank") and PT Panin Life Tbk ("Panin")

Contents :

Maybank wishes to refer to its earlier announcements on 30 March 2007, 20 August 2007, 28 September 2007, 13 November 2007, 31 December 2007, 4 April 2008, 23 May 2008 and 4 August 2008 in respect of the signing of an MOU between Maybank Group and Panin to commence discussions on a possible joint venture partnership via the acquisition of 60% stake in PT Anugrah Life Insurance (“Anugrah”), a subsidiary of Panin (“Proposed Acquisition”).


As stated in our previous announcement dated 4 August 2008, Maybank informed that the deadline for the submission of relevant documents to Ministry of Finance of Republic of Indonesia (“MOF”) had expired on 4 August 2008, and consequently, the approval obtained from MOF had also lapsed. However, Maybank continued to engage with Panin to seek resolution of the partnership.

Maybank would like to inform that due to unavoidable circumstances not within its control, both Maybank and Panin are unable to proceed further in formalizing the proposed joint venture partnership. In view of this, Maybank has notified Panin and Anugrah today that all arrangements relating to it pursuant to the above MOU be formally terminated.

Since Indonesia is still a target market for Maybank’s insurance and takaful expansion, Maybank would continue to look for possible options in developing its insurance and takaful business in Indonesia.

This announcement is dated 3 September 2008.

 

Announcement Info

Company Name MALAYAN BANKING BERHAD  
Stock Name MAYBANK    
Date Announced 3 Sept 2008  
Category General Announcement
Reference No MB-080903-60387