SINGAPORE – A programme enabling shareholders of Income Insurance to sell their shares has been relaunched after it was suspended following Allianz’s failed offer for the insurer in 2024, although some shareholders say the process remains too complex and may not provide fair value.
The Liquidity Program for Income Insurance Shares lets eligible Income shareholders sell their shares for cash.
Its relaunch was announced on June 10 by Alta Exchange (AltaX), an alternative assets digital exchange licensed by the Monetary Authority of Singapore, and local brokerage Phillip Securities, which operate the programme independently and without Income’s endorsement.
Under the programme, Phillip Securities may buy shares from willing sellers and place them with accredited and institutional investors through AltaX. The shares will be available for further trading on AltaX by eligible accredited and institutional investors.
While Income is not listed on the stock exchange, it is a public company with more than 15,000 retail shareholders, many of whom are elderly, who hold about 27.4 million shares.
“Retail shareholders can participate as sellers by opening a trading account with Phillip Securities and submitting a declaration of selling interest during the registration window. They are not required to be accredited investors to sell their shares through this programme,” an AltaX spokesperson told The Straits Times.
Existing participants of the programme whose shares are already held in custody with Phillip Securities can indicate their interest to sell online, while first-time participants will need to visit a Phillip Investor Centre with their shareholder letter, identification documents and share certificates, if any, to complete the necessary paperwork.
However, transactions are not guaranteed and are based on a willing buyer and seller basis at mutually agreed terms.
“Phillip Securities acts as principal in this programme, meaning it purchases shares directly from selling shareholders at its discretion,” the spokesperson said.
“Phillip Securities is not obligated to purchase every sell order. Any portion it is able to buy will be executed, and the remainder will be cancelled at the end of the trade date.”
As Income’s shares are not listed on a stock exchange and do not have a live market price, buyers and sellers must rely on indicative valuations based on independent research reports available on Phillip Securities’ trading platform when negotiating trades.
As of May, these valuations range between $24.92 and $33.30, which is below Allianz’s 2024 offer for a majority stake in Income at $40.58 a share.
Based on its annual report, the insurer had a net asset value per share of $32.66 for the financial year ended Dec 31, 2025, up from $31.97 in financial year 2024.
In instances where bid and ask prices do not align, unmatched sell orders will be cancelled at the end of the trade date, and shareholders may participate in subsequent tranches, the spokesperson said.
AltaX chief executive Khai Lin Sng said in a June 10 statement that the programme provides Income shareholders with a regulated secondary market to trade their shares, offering liquidity for an asset that would otherwise be difficult to sell.
But some shareholders remain unconvinced.
Michael Ong Kah Eng, for one, said that “the entire process of selling the Income Insurance shares through Alta exchange is flawed” and “too complex”.
Limitations of the programme include a small pool of buyers and limited trading volumes, he said, adding that trades may be done at prices below the intrinsic value of the shares.
“The shares have become illiquid because there is no active market for them,” Ong said, adding that without a stock exchange listing, shareholders – particularly those seeking to sell quickly – risk accepting prices below the shares’ fair value.
