Three foreign insurers are believed to be close to making a bid for Jerneh Insurance Bhd, with industry executives saying that Italy's Assicurazioni Generali SpA is at the forefront.

The UK's HSBC group and South Korea's Samsung Fire and Marine Insurance were the other leading contenders for the 80% stake owned by investment holding company, Jerneh Asia (member of KUOK Group).



Based on data provided by the Companies Commission of Malaysia, JIB’s net assets for the financial year ended Dec 31, 2008 (FY08) amounted to RM236.17 million or RM2.36 per share. Anyone with 2009 figure??

Assuming that JIB is priced from 1.2 times to 1.8 times net asset, the general insurer could fetch between RM283 million and RM425 million. 2009 figure??




Standard & Poor’s research unit said it was increasing its 2009 and 2010 earnings forecasts for Jerneh Asia by 283% and 157%, following increases to premium growth, investment assumptions and reduced associate losses.

Today ending RM 2.04 down 9 cent from previous day due to profit taking and market outlook. There should be more upside on coming weeks and looking forward for TP RM 2.3...$$$$



Anyone holding this share? Any opinion?

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Added on December 4, 2009, 9:17 pmAnyone holding Jerneh or in your radar?? Need expert comments pls.....

This post has been edited by elvinlee84: Dec 4 2009, 09:17 PM

Point No.4 is the salient point.

1. Further to Jerneh Asia's announcement on 20 December 2009, Jerneh Asia Berhad has on 2 December 09 announced that, "BNM has, via its letter dated 1 December 2009 (which was received on 2 December 2009), stated that it has no objection in principle for JAB to commence preliminary negotiations with the relevant parties in relation to the Proposal".

2. The companies announced to Bursa Malaysia last Friday that they had received “expressions of interest from certain parties” to acquire their stakes in JIB. (Jerneh Insurance Bhd, a subsidiary of Jerneh Asia Bhd (6394), said SOME foreign multinational insurance companieS have expressed interest to buy the company, according to Business Times)

3. Jerneh owns an 80% stake in Jerneh Insurance Berhad with the remaining 20% held by Paramount Corporation Berhad.

4. Based on data provided by the Companies Commission of Malaysia, JIB’s net assets for the financial year ended Dec 31, 2008 (FY08) amounted to RM236.17 million or RM2.36 per share. Assuming that JIB is priced from 1.2 times to 1.8 times net asset, the general insurer could fetch between RM283 million and RM425 million. (The Edge) Based on Jerneh Asia Berhad 180,720,605 shares issued, and assuming selling price at 1.5 times (middle point), Jerneh Asia will get sales proceeds of RM 1.96 a share. And after the sale, Jerneh Asia Berhad still has net asset value per share of RM 1.94 a share.

5. Of the top 10 local general insurers, based on net premium income in 2008, seven have foreign shareholders. "This trend was given an added impetus on April 27 2009 when Bank Negara raised the limit on foreign shareholdings in local insurance companies to 70 per cent from 49 per cent," they added. (Business Times)

6. Jerneh Insurance was established initially to manage the in-house insurance needs of Kuok Group. It has since emerged as a specialist insurer in the marine, industrial and engineering fields, providing general insurance coverage that includes fire, marine, aviation, motor, engineering, household and accident, and health insurance.It also provides risk management within the Malaysian insurance industry and undertakes assignments for loss control and other complex risk management services.With its shareholders' funds of more than 100 million Malaysian ringgit (US$29 million), Jernah Insurance said it has the capacity to underwrite large projects in Malaysia, Singapore, Indonesia, Philippines, Myanmar, Thailand, Hong Kong, China and Australia.The insurer's parent, Jerneh Asia Berhad, is an investment holding company that participates in underwriting general, life and takaful insurance, reinsurance, insurance and reinsurance brokering, as well as credit leasing businesses. Its subsidiaries and associates operate in Malaysia, Hong Kong, Philippines, Thailand and Indonesia. (Insurancenewsnet)

http://ooibenghooi.blogspot.com/2009/12/je...d-for-sale.html

Oooooo Robert is leaving m'sia

first is Palm oil (PPB Oil palm), than sugar (MSM, Tradewind, etc.), now the insurance....

Oooo not to forget Pelangi (property developer) he sold to PNB, his daughters oso sold the land in KLCC.

what's next ????

shangarila hotel ?
trader hotel ?
maybulk ?
GSC ?
.............