The government blocked the Income-Allianz deal in parliament last month, saying it was "not in the public interest" for it to proceed.
The government blocked the Income- Allianz deal in parliament last month, saying it was"not in the public interest" for it to proceed.
It said it has had discussions on amendments to the proposed transaction structure, and has taken into account concerns raised in the ministerial statement and amendments to the Insurance Act, which were"Income Insurance will make further announcements if and when there are any material developments which warrant disclosure, in compliance with applicable laws and regulations," the statement said.
Questions were also raised in parliament, but it was only in October that Mr Tong announced the deal would be stopped. He pointed to Allianz's plan to extract S$1.85 billion to return to shareholders within three years of the transaction being approved.
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