MNRB Holdings plans to sell its Takaful Ikhlas businesses to Bank Rakyat for RM1.64 billion in cash, subject to adjustments and regulatory approvals.
Bank Rakyat-owned Rakyat Nominees will acquire MNRB’s entire stakes in Takaful Ikhlas Family Berhad and Takaful Ikhlas General Berhad.
The deal also requires MNRB shareholder approval at an extraordinary general meeting.
The approvals needed before the final sale agreements are signed must be obtained within 12 months unless the parties agree to extend the period.
If completed, the two takaful businesses will cease to be subsidiaries of MNRB.
The divestment will allow MNRB to focus on its core reinsurance and retakaful businesses.
Featured image: Bank Rakyat Chairman Datuk Mohd Irwan Mohd Mubarak. Edited by Fintech News Malaysia, based on image by chocolarte via Magnific
