AMMB Holdings Bhd will buy back its 30% stake in its insurance and takaful business units from Friends Life FPL Ltd, only to look for another strategic partner within a year of completing the deal.
The Ministry of Finance on Monday approved AMMB’s unit AMAB Holdings Sdn Bhd’s buy back of a 30% stake each in AmLife Insurance Bhd and AmFamily Takaful Bhd (AmTakaful) from Friends Life. The approval for the repurchase, came with a condition that AMAB sells part of its stake in AmLife and AmTakaful within one year of the completion of the buy back process to another strategic partner………………………………………..Full Article: Source