Ntuc income and Allianz deal off!

[Oldchangkee4eva]

https://www.channelnewsasia.com/singapore/ntuc-income-allianz-deal-singapore-government-edwin-tong-4675491

[Oldchangkee4eva]

SINGAPORE: The Singapore government has intervened to stop the proposed deal between NTUC Income and German insurer Allianz.

Under the proposed transaction, which was announced on Jul 17, Allianz would have acquired a majority stake in Income. The announcement triggered a public outcry, with concerns over whether Income would continue its social mission.

Several prominent figures had spoken out against the deal when it was first announced.

"The government has assessed the proposed transaction and has decided that it would not be in the public interest for the transaction, in its current form, to proceed," Culture, Community and Youth Minister Edwin Tong told parliament in a ministerial statement on Monday (Oct 14).

The German financial services giant announced its plans to buy a majority stake in Income for around US$1.6 billion in July.

NTUC Enterprise said at the time that it would remain a "substantial" shareholder if the sale went through.

The crux of the outcry covered how Allianz, as a large multinational company, would not be fully aligned with the original mission of the Singapore entity, which is to serve the needs of low-income workers.

Those who spoke up about the deal include former NTUC Income CEO Tan Kin Lian, ambassador-at-large Tommy Koh and Mr Tan Suee Chieh, who was CEO of NTUC Income from 2007 to 2013 before becoming Group CEO of NTUC Enterprise from 2013 to 2017.

Mr Tan Suee Chieh called the proposed deal a "breach of good faith" and asked government regulators to step in.

NTUC Enterprise chairman Lim Boon Heng said at the time that Income would continue to provide affordable insurance for lower-income customers, adding that Income's life insurance market share was "less than 10 per cent in the past 10 years".

Labour chief Ng Chee Meng also said that NTUC would ensure Income upholds its commitment to keep premiums affordable for two existing low-cost schemes for union members.

Source: CNA/nh(ac)

[GhostZM]

Govt listened to its people..
Will vote for Pappy next year!! 🤣🤣🤣


CheerS!!!😉

[Oldchangkee4eva]

Govt listened to its people..
Will vote for Pappy next year!! 🤣🤣🤣


CheerS!!!😉

Will the deal resume after election?

"it would not be in the public interest for the transaction, in its current form, to proceed"

Current form cannot. Maybe future got new proposal. After election

[default]

Will the deal resume after election?

they will do tonnes of shit after. u see the GST

[Arctic]

Power to the People! For now.... Cos GE looming

[default]

the thing is how much must NTUC compensate Allianz for this ?

[FireOpal]

GE is near, cannot make Income customers buay song. The deal can go thru later. 

[Shiori]

Dont get happy so soon. They only blocking the deal now but they are not blocking all other possible deals to take over Income Insurance.

[default]

Dont get happy so soon. They only blocking the deal now but they are not blocking all other possible deals to take over Income Insurance.

i dont think they will proceed even after GE tbh.

bad optics for next next elections altho people got bad memory

the problem is, if it doesnt proceed, need to compensate or not

so what u said is possible also but now... need to pay money or not first... or as long as regulatory authority dont approve then nothing needs to be paid..

[No guessing game]

Ownself stop ownself??

[jim889]

some thing funny happening. first say sell.. now say cannot sell..

 

[Banned User]

自导自演

[Suntan]

Just get in 33% MP alternative parties to represent. Don't care which one. Dinkies will see the good CS service soon.

[jim889]

i dont think they will proceed even after GE tbh.

bad optics for next next elections altho people got bad memory

the problem is, if it doesnt proceed, need to compensate or not

so what u said is possible also but now... need to pay money or not first... or as long as regulatory authority dont approve then nothing needs to be paid..

dun think need to compensate..
cheng hoo make the law

they said the deal ish "not be in the public interest "  in current form
so cheng hoo need to sexplain what is the public interest in this case and huai this transaction is not in public interest

then ntuc and allianze read cheng hoo leeport and work around it

deal sure proceed but not in current form but modified form