Allianz and NTUC Enterprise were informed of the rejection shortly before the government decision was made public.
SINGAPORE - It was to be a marriage of convenience but those involved are now faced with much inconvenience.
In the end, the groom in question was left at the altar, the bride was in tears and the parents stunned. The move, announced in Parliament on Oct 14 by Mr Edwin Tong, who is Minister for Culture, Community and Youth and Second Minister for Law, came on the back of new information disclosed after an Aug 6 Parliament sitting.
In 2022, when Income switched from a cooperative to a corporation, the Ministry of Culture, Community and Youth had allowed it to keep around $2 billion in surplus as the insurer continued running its business. Coupled with the fact that NTUC Enterprise will be a minority shareholder after the deal, he said the Government decided to block the deal in its current structure.
NTUC Enterprise and Income said in separate statements late on Oct 14 that they will study the implications of the latest development and work closely with relevant stakeholders to decide on the next course of action.In another statement, Allianz said it will consider revisions to the proposed transaction structure.
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