JAKARTA: PT Asuransi Bangun Askrida will soon release its stakes in PT Asuransi Jiwa Nusantara (AJN) for IDR16 billion. The action forms part of its plan to develop the companys non-organic business in 2011.Director of Bangun Askrida J. Djafar said that AJN is Askridas subsidiary. Yet the company's ownership in AJN has dimmed to be minority and AJN is ready to stand on its own feet.According to him, the company is still seeking for approval from the management of AJN on the plan after it sent an official letter.President Director AJN Hero Samudra confirmed that Askrida management has sent a proposal of divestment last February.He added that Askrida still owns 8% shares in AJN, which equals to IDR16 billion.The divestment is the full priviledge of the shareholders, so AJN management is in the process of selling Askrida to interested parties.In the mantime, Djafar said that Askrida is developing a non-organic business through the spin-off of its sharia unit to be an independent company.The plan to form a new company running sharia business will be focused on insurance business, which is assumed to have bigger opportunities.Yet, he added, the company deals with budget constraint to establish the new company, mainly to fulfill the requirements in the government regulation no. 81/2008 concerning the minimum capital of an insurer which is set for IDR40 billion.Thats why we plan to sell stakes in AJN. We expect that the process of divestment will complete by 2011, while we are preparing human resources and infrastructure, he said. (T04/NOM)
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