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