Dhipaya Insurance Public Company Limited (TIP) is restructuring shareholdings of the group to delist the currently listed company, establish a new holding company and list the new company. The goal is to increase competitiveness.
The restructuring proposal, expected to be completed by March 2021, is to be tabled at a extraordinary general meeting for approval on 1 September, according to local media reports.
The goal is also to reduce investment restrictions, with the new holding company to invest in insurance related businesses through creating strategic alliances, and establishing joint ventures including via mergers and acquisitions.
Dr Somporn Suebthawilkul, managing director of Dhipaya Insurance Public Company, said that after the restructuring, the business operations of the group would be divided into:
Non-life Insurance in Thailand
Life Insurance in Thailand
Insurance business in foreign countries
Businesses related to insurance business.
The combined asset size of these insurance divisions will represent not less than 75% of the the total assets of the group.
The new company will also hold shares in non-insurance businesses, that would have assets of up to 25% of the total assets of the group.