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Published: Monday January 7, 2013 MYT 5:30:00 PM
Resolution sells 30% stake in AmLife, AmFamily Takaful for RM245m
By Joseph Chin
KUALA LUMPUR: Resolution Ltd has disposed of its 30% stake in AmLife, AmFamily Takaful to its joint venture partner, AmBank Group for RM245mil.
It said on Monday following the sale and the benefit of a currency hedge, Friends Life Group plc would receive about £50mil cash.
"Following discussions with the AmBank Group, Friends Life concluded that the business required a greater level of short term investment and commitment to meet its growth potential than was appropriate for Resolution to provide," it said.
Resolution also said Friends Life and AmBank Group therefore amicably concluded they should dissolve the joint venture.
"Under the terms, Friends Life was required to sell its interests in the businesses back to the AmBank Group," it said.
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