Great Eastern says talks to acquire Malaysian insurer ‘ongoing’

INSURANCE provider Great Eastern on Tuesday (Aug 1) said discussions to acquire Malaysia-based AmMetLife Insurance are “ongoing” but at a preliminary stage. 

In a bourse filing, the subsidiary of OCBC said there is “no certainty that any definitive or binding agreement will be entered into” as part of the discussions. 

The filing was in response to media reports that stated Great Eastern is conducting due diligence to buy AmMetLife Insurance and seeking regulatory approval for the deal. 

Sources quoted in these reports said a transaction could value AmMetLife, which US-based MetLife jointly owns with Kuala Lumpur-listed AMMB Holdings, between US$250 million and US$300 million. 

Shares of Great Eastern closed on Tuesday at S$18.52, down 0.2 per cent or S$0.03.