Great Eastern Holdings (GEH) has decided to cancel its proposed acquisition of AmMetLife Insurance Malaysia and AmMetLife Takaful Malaysia after more than a year of negotiations.
GEH announced that its Malaysian subsidiaries, Great Eastern Life Assurance Malaysia (GELM) and Great Eastern Takaful (GETB), have terminated their implementation agreement with AMAB Holdings Malaysia and MetLife International Holdings. This decision marks the end of the proposed acquisition, which was initially announced on October 2, 2023.
The announcement stated that all parties involved have mutually agreed not to proceed with the acquisition, although no further details were provided.
The acquisition would have seen GELM acquiring full ownership of AmMetLife Insurance, and GETB taking full ownership of AmMetLife Takaful.
GEH shares have been suspended from trading since July 15, 2024.
Founded in 1908, GEH is one of the largest insurers in Singapore and Malaysia and became a subsidiary of Oversea-Chinese Banking Corporation (OCBC) in 2004.