Panin in talks to develop JV with foreign investor - Exclusive | Company data
(The Insider Stories) — Indonesia financial company PT Panin Financial Tbk (PNLF) is in final discussions to develop a joint venture (JV) company in the insurance business with one foreign investor, and is planning to sell 40% of its unit PT Panin Life to the investor.
“I cannot mention our partner’s name because the discussion still on going. We offer them 40% of Panin Lifes’s shares,” President Director Panin Financial Fadjar Gunawan told The Insider Stories.
According to sources, Japan’s Dai-ichi Life Insurance Co. (8750) and Fukoku Mutual Life Insurance (0013) are the shortlisted bidders for the deal. Bank of America Merrill Lynch is financial advisors for the share sale.
Panin Financial corporate secretary Dony Sianipar has said previously the deal will include a distribution agreement to sell life insurance products through financial institutions controlled by the Gunawan family, including PT Bank Pan Indonesia (Bank Panin). Controlled by Mukmin Ali Gunawan, the Panin Financial business group was founded in 1974 as Panin Life and listed in 1983. The company later transfered its life insurance business to a unit, PT Panin Anugrah Insurance, which took over the name Panin Life.
Panin Financial owns around 56.97% Panin Life via a second unit, PT Panin Insurance, while 33.88% is owned by the public. Canadian portfolio manager Mackenzie Financial Corp. owns around 6%.
