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Friday November 13, 2009

Syarikat Takaful plans to revamp Indon ops

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is looking at restructuring its operations in Indonesia in a bid to boost its takaful business in the most populous Islamic country.

At a briefing after STMB AGM yesterday, group managing director Datuk Hassan Kamil said he expected the exercise to be completed in 12 months.

He hopes to carry out the exercise soon, probably by year-end.

According to Hassan, the details of the restructuring would be made known when things have been finalised.

It may involve local Indonesian banks acquiring a stake in the new structure after the exercise.

Apart from tapping its minority shareholder Bank Muamalat Indonesia to cross-sell its products, he said STMB hoped to do the same with other Indonesian banks seeking a stake in the new structure.

On the plan to dispose of an equity stake in STMB, Hassan said: “We will announce a new equity partner before the end of the month. This matter is being handled exclusively by our major shareholder, BIMB Holdings Bhd.”

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