SINGAPORE (Reuters) -Malaysian lender AMMB Holdings said on Monday that the proposed sale of its Malaysian insurance businesses, jointly owned with MetLife, to Singapore insurer Great Eastern for 1.12 billion ringgit ($249.61 million), has been called off.
AMMB said the agreement dated Oct. 2, 2023, in which Great Eastern’s units – Great Eastern Life Assurance (Malaysia) and Great Eastern Takaful – were set to acquire AmMetLife Insurance and AmMetLife Takaful, has been terminated.
AMMB said that it, along with MetLife and Great Eastern, mutually agreed to cancel the deal, though the lender did not disclose the rationale behind the termination.
Shares of AMMB were unchanged at 5.64 ringgit at noon break, versus the local benchmark stock index’s 0.3% drop.
($1 = 4.4870 ringgit)
(Reporting by Yantoultra Ngui; Editing by Jamie Freed and Sherry Jacob-Phillips)
