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November 16, 2009 21:57 PM
BIMB Not Selling Stake In Takaful Unit To ADKMSIC
KUALA LUMPUR, Nov 16 (Bernama) -- BIMB Holdings Bhd Monday announced that the proposal to sell a stake in its Islamic insurance unit to the Abu Dhabi-Kuwait-Malaysia Strategic Investment Corporation (ADKMSIC) has been scrapped.
In a filing to Bursa Malaysia today, BIMB said ADKMSIC had informed BIMB that it was no longer conducive for ADKMSIC to pursue the proposal to buy the stake in view of the changes in the current economic conditions.
Under the proposal, ADKMSIC was to acquire a stake not exceeding 49 per cent in Syarikat Takaful Malaysia Bhd.
"In this regard, all discussions and negotiations between BIMB and ADKMSIC in relation to the proposal have been ceased with immediate effect," BIMB said.
-- BERNAMA
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