Wednesday, October 27, 2010

Manulife Century ups insurer stake to 50.05%

KUALA LUMPUR: Manulife Century Holdings (Netherlands) BV (MCHN) has increased its shareholding in insurer Manulife Holdings Bhd to 50.08% after buying 2.88 million shares of the insurer recently.

Manulife Holdings said on Wednesday, Oct 27 that MCHN had between Oct 14 and Oct 26 acquired an aggregate of 2.88 million, resulting in the increase of MCHN???s equity interest in MHB from 48.66% to 50.08%.

???Accordingly, as MCHN now holds, in aggregate (including such Manulife Holdings shares that are already acquired, held or entitled to be acquired or held by MCHN, if any) more than 50% of the voting shares of Manulife Holdings, the offer will be made unconditional as to acceptances,??? it said.

MCHN had offered to take over Manulife Holdings at a cash offer price of RM3.22 for each share.

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