2022 NTUC Inc got 2b that can distribute to co-op- Allianz want to extract 1.85b

[tokiya]

And give out to shareholders within 3 years.
Then see all the NTUC and ppl defend the deal hahaha.

chat GPT:

Corporatisation of NTUC Income in 2022
In 2022, NTUC Income transitioned from a cooperative (co-op) to a corporate entity. This shift was significant because it moved NTUC Income from being under the legal jurisdiction of the Registrar of Co-operatives to being regulated under the Insurance Act. One of the main reasons for this corporatisation was to give Income more flexibility to compete in a rapidly changing insurance landscape.

During this corporatisation process, NTUC Income successfully sought an exemption from the Singapore government to carry over a surplus of approximately S$2 billion, which had been accumulated over its time as a cooperative. Ordinarily, co-op surpluses would be distributed across the cooperative movement if the entity is wound up, but NTUC Income argued it needed this capital to meet future financial and business demands.

Plans for Capital Reduction in 2024
Fast forward to 2024, and NTUC Income entered into talks with Allianz, which aimed to acquire a 51% stake in Income. Part of the deal involved "capital optimisation" measures that would allow NTUC Income to free up significant amounts of capital post-acquisition. Specifically, the plan was to reduce NTUC Income's capital reserves by about S$1.85 billion and return this amount to shareholders within three years. This capital reduction would make the business more efficient from a commercial perspective by streamlining its balance sheet.

[Mummy1234]

Really no transparency, we would have been cheated if deal went through

[no guessing game]

Not surprised. Such shenanigans have happened before. Posb sold to dbs. Power stations sold to foreign coys. Etc.

[Arctic]

It's like ntuc income paying others to take over them hahaha

[Mummy1234]

Ya, so ridiculous