Takaful to raise RI stake

Takaful to raise RI stake

KUALA LUMPUR (Dow Jones): Malaysian Islamic insurance company Syarikat Takaful Malaysia Bhd. Monday said it has signed an agreement to subscribe to more shares in its Indonesian affiliate, PT Syarikat Takaful Indonesia.

In a statement, Syarikat Takaful said the share subscription will raise its stake in PT Syarikat Takaful to 51.5 percent from 17 percent.

Syarikat Takaful will pay a total Rp 14.7 billion rupiah in cash, or Rp 1.12 million a share, for the additional stake.

The Indonesian company will then become Syarikat Takaful's unit, which gives the latter control over PT Syarikat Takaful's two Islamic insurance units, PT Asuransi Takaful Umum and PT Asuransi Takaful Keluarga.

Syarikat Takaful said the move also gives it an opportunity to promote and expand its operations internationally.

PT Syarikat Takaful's other major shareholders are PT Permodalan Nasional Madani, PT Bank Muamalat Indonesia and PT Karya Abdi Bangsa.