BANGKOK, Nov. 30, 2004 – Canadian-based Manulife Financial and its locally-affiliated Thai holding company now control more than 93 per cent in Interlife John Hancock Assurance Public Co., Ltd (Interlife John Hancock). Today, the locally-affiliated Thai holding company purchased 59.6 per cent interest held by majority shareholder, T.C.C. Holding Company Limited, as well as 8.3 per cent from certain other minority shareholders. A mandatory tender offer will begin shortly to acquire all remaining shares at an offer price of THB21.00 per share.
Manulife Financial gained entry into Thailand on April 28, 2004, following the completion of a large-scale global merger between Manulife Financial Corporation and U.S.-based John Hancock Financial Services, Inc..
“This move creates an excellent opportunity for us to significantly strengthen our position in the Thai life insurance market, a market we see as offering tremendous growth potential,” said Vic Apps, Senior Executive Vice President and General Manager for Asia, Manulife Financial.
THB21.00 per share represents excellent premium for minority 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.”
The mandatory tender offer is set to begin in the next week with comprehensive information packs being mailed to Interlife John Hancock shareholders.
Committed to expansion and growth in new market
“This investment demonstrates Manulife’s commitment to Thailand and to expansion throughout the country,” said Mr. Apps. “All 150 employees and almost 1,000 sales representatives will work with customers to match best of class products to their unique financial needs and goals. We are looking forward to developing Manulife’s market leadership position in Thailand.”
Manulife Financial — ranked as the 4th largest life insurance company in the world* — is a global financial services company with more than 100 years of experience in Asia.
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.
*based on market capitalization as at September 30, 2004