Executives of American International Group (AIG) and Ruen Chen Investment Holding Co (潤成投資) visited the Financial Supervisory Commission (FSC) yesterday in a goodwill gesture as they hope to gain regulatory approval for the sale of Nan Shan Life Insurance Co (南山人壽).
The visit came after AIG announced on Wednesday that it had signed an agreement to sell its 97.75 percent stake in Nan Shan to Ruen Chen for US$2.16 billion in cash, a sale driven by its debt obligations to the US government.
The visit lasted two hours, during which the commission reiterated the five principles it would adhere to when reviewing the sale, Financial Supervisory Commission Vice Chairman Wu Tang-chieh (吳當傑) told a press briefing.
EFFICIENT REVIEW
“The commission promised to conduct the review in an efficient manner once the parties involved file all the necessary documents,” Wu said.
“We have not yet received any documents,” he said.
The commission has said insufficient information submitted by both the buyers and the sellers slowed a previous review.
Wu said the commission would look into the long-term commitment of Ruen Chen shareholders who own a sizable stake. The commission declined to elaborate.
Samuel Yin (尹衍樑), chairman of Ruentex Group (潤泰集團), which owns 80 percent of Ruen Chen, has promised to hold on to the Nan Shan stake for at least 10 years and said he would take steps to meet the company’s capital requirements for the next 10 to 20 years.
Ruen Chen also plans to list Nan Shan shares on the local stock market to raise funds.
Wu said the commission has not yet been informed of the plan to list the company.
PLANS APPROVED
In a related development, the commission yesterday approved Fubon Financial Holding Co’s (富邦金控) life insurance and non-life insurance subsidiaries’ plans to own a 50 percent stake in a joint venture with a Chinese peer in Nanjing.
Together, the two Taiwanese insurers are set to invest NT$1.92 billion in the joint venture, in line with their expansion plans in China, the commission said.
Three other insurance firms, including Cathay Life Insurance Co (國泰人壽), have made similar requests, the commission said.
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