Overview

• The Monetary Authority of Singapore last week rejected a request by former CEO Tan Suee Chieh to meet chairman Gan Kim Yong over the aborted Income-Allianz transaction
• The government amended the Insurance Act in October to bar Allianz from acquiring a majority stake, citing concerns that a planned capital reduction would compromise Income’s social mission
• Allianz withdrew its offer in December after failing to secure regulatory and ministerial approval
• At its annual general meeting, Income chairman Ronald Ong emphasised that any capital reduction under the deal would have required board, shareholder, MAS and court approvals, indicating it was never assured
• Income Insurance is evaluating alternative ways to provide liquidity for minority shareholders, including a possible share buyback programme