In a disclosure at Indonesia Stock Exchange on Friday (11/23), the lender said shares purchased agreement has been signed on Oct. 21. With this sale, AXA Asia now has 552,000 shares of MAGI, or 80 percent of the total shares of the company.
The bank and AXA Asia do not only cooperate in the general insurance business, but also in the life insurance business through the establishment of PT AXA Mandiri Financial Services, after merged with PT AXA Life Indonesia.
Now, Bank Mandiri is the controlling shareholder in AXA Mandiri Financial Services with a 51 percent ownerships. In addition to Mandiri AXA General Insurance and AXA Mandiri Financial Services, the state-owned bank also becomes the controlling shareholder in PT Indonesian Inhealth Life Insurance.