Ayala sells stake to Sinar Mas

Ayala sells stake to Sinar Mas

MANILA: Philippine conglomerate Ayala Corp. on Friday said its
indirect unit, Pameka Holdings Inc., and affiliate, Bank of the
Philippine Islands (BPI), have sold their combined 50 percent
stake in an Indonesia-based life insurance company.

BPI and Pameka each sold their 25 percent stakes in PT
Asuransi Jiwa Eka Life to PT Sinar Mas Multiartha. BPI and Pameka
each received US$4.122 million from the sale.

No other details were disclosed by Ayala on the sale.

Pameka is 80 percent owned by Michigan Holdings Inc., a wholly
owned international unit of Ayala. -- Dow Jones