“Private market deals are complex and unpredictable. With the Income Insurance Share Liquidity Program, along with our partners at Phillip Securities, we are honoured to be able to provide a clear and streamlined solution, giving investors a window for liquidity and access to one of Singapore’s leading insurance providers,” said Alta.
Mr Michael Ong, an Income shareholder, was hoping for some capital gains from his investment: “Income shares are not listed on Singapore Exchange. It is difficult to sell them.
“No choice now (but to) continue to hold. At least the dividends collected over the last 20 years are more than my capital outlay. I will just have to wait and see,” he said.
Mr Eric Tan, a financial service consultant, voiced his concerns over the future of Income, now that the deal has been blocked. He fears it will pose challenges for Income as it seeks to gain a firmer foothold in a competitive market.
“The decision not only underscores the intricate balance between financial viability and upholding social missions but also prompts a deeper reflection on the strategic direction and operational resilience of Income,” Mr Tan said on LinkedIn.
“While the road ahead may hold uncertainties and complexities, it also presents opportunities for recalibration, innovation, and strategic realignment to ensure sustainable growth and impact in the ever-evolving financial landscape,” he added.
Mr Kanishka de Silva, a director in credit rating Fitch Ratings’ Asia-Pacific insurance team, told ST that the Government’s halt on the Allianz-Income deal highlights the importance it places on the continuation of Income’s social mission.
“We believe it will be key for a potential acquirer or acquirers to demonstrate that they will address any concerns that the government or regulators may have around this. We don’t expect this development to affect the market’s competitive
