"Sri Ayudhya Capital" (AYUD) will hold a shareholders meeting on January 19, 2018. The meeting will ask the shareholders to vote on the proposed M&A deal between Sri Ayudhya General Insurance Public Company Limited (SAGI) and Allianz Insurance Public Company Limited (AZTH) and additional investment in Allianz’s life business in Thailand.
Bryan Smith
Veraphan Teepsuwan, Chairman of Sri Ayudhya Capital Public Company Limited says that AYUD has established a strong partnership with Allianz Group for more than 15 years but warns of the need for shareholders to vote: "It’s is clear from the investment value of AYUD in Allianz Ayudhya Assurance in the past that AYUD’s 14.35% stake investment in AZAY in 2012 has increased in value by 274%," he says. "Therefore, we are very confident that this transaction and the additional investment in Allianz Ayudhya Assurance will create significant business benefits and add value to our shareholders."
Veraphan further explained that: "If the shareholder attendance at the meeting on January 19 is less than 70%, it may be an obstacle to the M&A deal as the regulation requires at least 75% of attendees agree to the proposal. Considering that Allianz is a connected party and has no right to vote on this issue, the M&A plan may not be able to pass. Therefore, I would like to encourage as many AYUD shareholders as possible to attend this meeting and vote as you see proper. In the meantime, I would like to ask all shareholders to consider the detail of the M&A, meeting report so that you have enough information to make a careful decision."
Bryan Smith, President and CEO, Allianz Ayudhya Assurance PCL (Life) and director of AYUD confirms that there continues to be a very strong partnership between Allianz and AYUD and both companies look forward to continued close collaboration.