Allianz announced on July 17 a pre-conditional general offer for 51 per cent of Income Insurance at $40.58 per share in a deal valued at $2.2 billion. PHOTO: ST FILE
SINGAPORE: Income Insurance chairman Ronald Ong had recused himself when Morgan Stanley was appointed as the financial adviser as part of its recent deal with Allianz, the insurer says.
In a statement on July 27, the insurer said that of its 12 directors, 10 are independent.
“The full board, including all the independent directors, unanimously approved the transaction document entered into by Income Insurance in relation to the offer,” the insurer added.
The statement comes as questions were raised about the appointment of the financial adviser.
Ong was appointed as Income’s chairman in December 2018, and had been working at Morgan Stanley for 20 years at the time. In February 2023, he was appointed chairman of the bank’s South-East Asia business.
Allianz announced on July 17 a pre-conditional general offer for 51% of Income Insurance at S$40.58 per share in a deal valued at S$2.2bil.
Allianz will need to acquire 54.7 million shares to reach 51%. NTUC Enterprise Co-operative currently holds 77.98 million shares, or 72.8% of 107.2 million shares. Minority shareholders account for 27.2%.
The insurer reiterated that the board’s steering committee for the transaction has set out certain safeguards to protect the interests of policyholders and minority shareholders. — The Straits Times/ANN
