Sunday , May 28 2023

Syarikat Takaful was down 3.4% after launching FWD Takaful


KUALA LUMPUR (July 31): Shares in Syarikat Takaful Malaysia, Keluarga Bhd (STMK) fell 3.4% this morning, following news that Robert Kuok has controlled JAB Capital Bhd, the Personnel Provident Fund (EPF) and Hong Kong business tycoon He Ka-shing's son, Richard Li, launched a new FWD takeaway company Takaful Bhd on Monday.

At 10:14 am, the counter fell 22 sen to RM6.17, valuing the company at RM5.1 billion. STMK saw 308,600 shares traded.

According to Bloomberg, seven analysts are covering the stock. Two placed buy calls at the counter, four placed calls and one placed a sales call, with a consensus price of RM7.06.

This comes after the launch of FWD Takaful on Monday. The new insurance company will see Pacific Century Group support about 49%.

Pacific Century was founded and headed by Li, who also owns a stake in FWD through FWD Life Insurance Company (Bermuda) Ltd.

Meanwhile Kuok Brothers Sdn Bhd wholly owned unit JAB Capital owns 31% stake in FWD Takaful, while EPF owns the remaining 20% ​​in FWD Takaful.

This marks the first bargain deal for the FWD group – a five-year-old who offered life and medical, general insurance, as well as employment benefits across eight markets before entering Malaysia.

See also:
Richard Li, JAB Capital of Robert Kuok, EPF joins forces to launch new squad in Malaysia
Tycoon Richard FWD Richard Li enters Malaysia's nasty market

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