Allianz Malaysia Bhd has discontinued its plans to acquire HSBC Amanah Takaful (Malaysia) Bhd.
In a stock exchange filing with Bursa Malaysia on Tuesday, Allianz said that it had ended its acquisition talks with the various shareholders of HSBC Amanah. It is owned by HSBC Insurance (Asia Pacific) Holdings Ltd, which holds a 48% stake, while JAB Capital Bhd and the Employees Provident Fund (EPF) Board hold 31% and 20% respectively.
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In October 2016, Allianz Malaysia announced that it had received approval from Bank Negara Malaysia to begin discussions with HSBC Insurance, JAB Capital and the EPF Board to acquire up to 100% of the takaful provider. The parties were given a six-month time frame to complete the discussions but they were not able to resolve them in time.
No reasons were given on why the negotiations did not bear fruit.
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