Family Takaful Business Joint Venture in Pakistan

Jun 25, 2008 Back
Type Announcement
Subject Family Takaful Business Joint Venture in Pakistan

Contents :

Maybank wishes to announce that it has on 23 June 2008, received approval from Bank Negara Malaysia to establish or acquire a subsidiary to be used as a Special Purpose Vehicle for the purpose of acquiring 30% of the issued and paid-up capital of Pak-Kuwait Family Takaful Company Limited.


Through the acquisition, Maybank intends to venture into the Family Takaful business in Pakistan. Pak-Kuwait Family Takaful Company Limited is a newly incorporated company and it is in the process of applying for license from the authorities in Pakistan to operate the family Takaful business. It is a joint venture between Pak-Kuwait Investment Company Private Limited, Allied Bank Limited and Saudi Pak Industrial and Agricultural Investment Company Limited. The issued and paid-up capital of the company is Pakistan Rupees 500 million.


All the parties are currently negotiating and finalizing the terms of the joint venture.

This announcement is dated 25 June 2008.

 

Announcement Info

Company Name MALAYAN BANKING BERHAD  
Stock Name MAYBANK    
Date Announced 25 Jun 2008  
Category General Announcement
Reference No MB-080624-63122