Manulife acquires additional 1.53 per cent ownership from minority shareholder
Canadian-based Manulife Financial and its locally-affiliated Thai holding company acquired a further 1.53 per cent of Interlife John Hancock Assurance Public Co., Ltd (Interlife John Hancock) on December 8, 2004 from MBT Factoring, for a total share ownership of nearly 95 per cent. Manulife Financial hopes to acquire all remaining shares – at the premium price of THB21.00 per share – through a mandatory tender offer that begins December 14th to outstanding shareholders.
“It is our intention at the outcome of the tender process to be in a position to de-list the company,” said John Spence, Senior Vice President, Regional Development, Asia, Manulife Financial. “We therefore would like to encourage all outstanding shareholders to sell their shares at the above market price we are offering – THB21.00 per share. We are confident this price reflects an excellent premium for shareholders.”
On November 30, 2004, Manulife’s locally-affiliated Thai holding company purchased 59.6 per cent interest of Interlife John Hancock held by majority shareholder, T.C.C. Holding Company Limited, as well as more than eight per cent from certain other minority shareholders.
The mandatory tender offer begins tomorrow with comprehensive information packs being mailed to Interlife John Hancock shareholders. Tender Offer information can also be found on Interlife John Hancock’s website at www.jhancock.co.th.
About Interlife John Hancock
Established in 1951, Interlife John Hancock is a nationwide provider of a broad range of products and services designed to meet the financial protection and savings needs of eligible individuals and organizations in Thailand. Currently, the Company fulfills the needs of more than 50,000 policyholders. Locally, Interlife John Hancock trades as INLIFE on the Stock Exchange of Thailand and can be found on the Internet at www.jhancock.co.th.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and most of Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$346 billion (US$274 billion) as at September 30, 2004.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
For more information, please contact:
In Asia:Kim Griffiths, Regional CommunicationsPhone: (852) 2510-3200/(852) 9091-3861Fax: (852) 2907-2205Email:
[email protected] In North America:Peter Fuchs, Corporate CommunicationsPhone: (416) 926-6103Fax: (416) 926-5410Email:
[email protected] End.