Alta was earlier ordered to cease this service by Oct 17, in the light of the German insurer's offer.
SINGAPORE - Alta Exchange is in early discussions to explore the possibility of relisting Income Insurance shares on its trading platform, a move which could bring relief to close to 16,000 retail shareholders holding 28 million shares of the local insurer.
The exchange is now in talks with Income and local brokerage Phillip Securities, a unit of wealth management firm PhillipCapital, to work towards relisting the shares at a later date. The Straits Times understands that investors expressed interest to Alta about buying some $5 million worth of Income shares following Allianz’s planned offer.Allianz to consider revising Income offer after current deal blocked by Singapore Govt
Mr Michael Ong, an Income shareholder, was hoping for some capital gains from his investment: “Income shares are not listed on the Singapore Exchange. It is difficult to sell them. “The decision not only underscores the intricate balance between financial viability and upholding social missions but also prompts a deeper reflection on the strategic direction and operational resilience of Income,” Mr Tan said on LinkedIn.
“We believe it will be key for a potential acquirer or acquirers to demonstrate that they will address any concerns that the Government or regulators may have around this. We don’t expect this development to affect the market’s competitive dynamics as the proposed acquisition would have only consolidated existing market positions rather than disrupt them,” he said.
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