'These aspersions are not well-founded and, indeed, unfair. It is important that we set out the context and full facts accurately.' — NTUC
SINGAPORE: NTUC Enterprise and Income Insurance have rebutted an open letter from former CEO Tan Suee Chieh, who publicly criticised the Income-Allianz deal.
Pending regulatory approval, NTUC Enterprise Co-operative Ltd will retain between 21.8% and 49% of shares, contingent on other shareholders’ decisions. This is opposed to what Oliver Baete, the Group CEO of Allianz, said in a Business Times piece earlier this week: “we want to build a resoundingly profitable business.”
They stressed that co-op shares are not traded on the open market and lack a “market value.” The organisations reiterated that NTUC Enterprise’s capital injections significantly bolstered NTUC Income’s financial stability. The joint statement said that NTUC Enterprise later converted all shares to permanent shares following the 2018 introduction of a new class of irredeemable shares under the Co-operative Societies Act.
Earlier on Sunday, Minister for Culture, Community and Youth Edwin Tong acknowledged questions about the corporatisation of Income in 2022.
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