Approval from MOF Lapses

We previously reported that Mayban Fortis was to acquire 60% of PT Anugrah Life Insurance ("Anugrah") from PT Panin Life Tbk ("Panin") and formed a partnership with Panin. The Ministry of Finance of Republic of Indonesia ("MOF") apparently set a deadline of 4 August 2008 for both parties to submit the relevant documents.

Maybank and Panin are still engaged in seeking resolution to the proposed partnership. However the approval of MOF has lapsed today.

Source: Bursa Malaysia

Anugrah Life through Mayban Fortis

Maybank is going to acquire 60% of PT Anugrah Life Insurance, a subsidiary of PT Panin Life Tbk, through Mayban Fortis Holdings Berhad. The earlier plan was for Maybank Group to acquire directly.

The change was as a result of the regulation of the Ministry of Finance of the Republic of Indonesia which requires a foreign holding company to maintain a majority of its portfolio in insurance business should it wish to become a shareholder of a local insurance company.

http://announcements.bursamalaysia.com/EDMS%5Cedmsweb.nsf/LsvAllByID/48256E5D00102DF448257421003635AF?OpenDocument