Malaysia's AMMB cancels $249 million sale of insurance units to Great Eastern (updated)

Metlife

03/02/2025 05:28

(Updates with details from the stock exchange filing in
paragraphs 2 and 3, and share performance in paragraph 4)
       SINGAPORE, Feb 3 (Reuters) - Malaysian lender AMMB
Holdings  AMMB.KL  said on Monday that the proposed sale of its
Malaysian insurance businesses, jointly owned with MetLife, to
Singapore insurer Great Eastern  GELA.SI  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  .KLSE  0.3% drop.

    ($1 = 4.4870 ringgit)
    

 (Reporting by Yantoultra Ngui; Editing by Jamie Freed and
Sherry Jacob-Phillips)
 ((Yantoultra.Ngui@thomsonreuters.com;))