Takaful Malaysia to restructure Indonesian unit

KUALA LUMPUR: SYARIKAT TAKAFUL MALAYSIA BHD [] (STMB) is seeking an Indonesian financial institution interested in taking part in the equity of its Indonesia takaful company.

STMB Group managing director Datuk Hassan Kamil said the group was currently in discussions with its shareholders to restructure the Indonesian unit, where it plans to wind up its holdings company, PT Syarikat Takaful Indonesia, over the next 12 months.

STMB currently holds a 56% stake in PT Syarikat Takaful Indonesia along with several other shareholders.

“We are looking at restructuring the company in Indonesia and we are in the midst of negotiations with shareholders on how we can restructure without having a holding (company) structure,” Hassan told reporters after STMB’s AGM here yesterday.

PT Syarikat Takaful Indonesia currently owns the majority stake in two companies operating in Indonesia, namely PT Asuransi Takaful Keluarga (assurance) and PT Asuransi Takaful Umum (general takaful).

Following the restructure, Hassan said STMB hoped to retain the two operating companies with the shares in PT Syarikat Takaful Indonesia transferred to the assurance company and general takaful company. STMB already has a direct equity of 43% in Keluarga.

“Once completed, STMB and other shareholders of the holding company will go direct into Keluarga and Umum,” he said.

With this, there will be some interest by other parties to take equity in the restructured company. — Bernama