AMMB Holdings Berhad (KLSE:AMBANK) intends to finalize stake sale in AmLife Insurance Berhad by June, 2013. Managing Director of AMMB, Ashok Ramamurthy stated that it is still in talks with interested international parties. He said: "We have a process in place and hopefully will conclude [the sale] by the first quarter of the current financial year, which is June 2013. As we get closer to an agreement, we will be in a better position to comment on it." It has been reported that MetLife, Inc. (NYSE:MET) and Manulife Financial Corporation (TSX:MFC) have expressed interest in acquiring up to 70% stake in AmLife. The stake is valued at about $350 million. Zurich Insurance Group AG (SWX:ZURN), Pacific Century Group Holdings Limited, ACE Limited (NYSE:ACE) and two Japanese insurers have also expressed interest in acquiring stake in AmLife.

Manulife Financial Corporation announced that the Fund's initial distribution target is expected to be $0.05625 per Class A Unit per month ($0.675 per annum) or $0.05625 per Class U Unit per month ($0.675 per annum), representing an initial yield on the Unit issue price of 6.75% per annum. The Fund will not have a fixed monthly distribution amount but will at least annually, commencing in April 2014, determine and announce an expected distribution for the following 12 months. The initial monthly cash distribution is payable on or before July 15, 2013 to unitholders of record on June 30, 2013.

Manulife Financial Corporation (TSX:MFC) and MetLife, Inc. (NYSE:MET) are among the possible bidders to acquire a majority stake in AmLife Insurance Berhad. Zurich Insurance Company South Africa Limited (JSE:ZSA), Pacific Century Group Holdings Limited, ACE Limited (NYSE:ACE) and two underwriters from Japan were also participating in the bidding. According to the news report, These firms have placed their first-round of bids to buy up to 70% stake in AmLife Insurance, in a deal valued at nearly $350 million.