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Article: In a bind over disputed call option
- Article from:
- New Straits Times
- Article date:
- March 28, 2009
- Author:
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Rupinder Singh
New Straits Times
03-28-2009
In a bind over disputed call option
Byline: Rupinder Singh
Edition: Main/Lifestyle
Section: Business Times
Type: Company
THE US-based ACE INA Int Holdings Ltd (ACE Inc) says it has explained to its Malaysian partner why it wants to fully own ACE Synergy Insurance Bhd.
This has left Advance Synergy Capital Bhd (Ascap), which holds 49 per cent of ACE Synergy, in a bind as it means losing a money- making business.
It is also disputing the call option that is being exercised by ACE Inc, 51 per cent owner of ACE Synergy.
The US-based insurance group told Business Times that Ascap had given it the option, which it can exercise at any time after January 1 ...