Nan Shan Life Insurance Co., a Taiwan-based subsidiary owned by American International Group (AIG) , declined Monday to confirm the total number of companies involved in bidding to buy the firm after an anonymous buyer was reported to have offered a bid. According to a report in the Monday edition of the Economic Daily News, the government-funded buyer directly filed a bid of about NT$91.7 billion (US$3 billion) with AIG's headquarters in the United States early this month. Market sources said the new buyer is likely to be either Taiwan Financial Holding Co. or First Financial Holding Co., according to the newspaper. However, both companies categorically denied being involved. Nan Shan's spokeswoman, Amanda Chou, told selfnews on the sidelines of a charity activity that she could not confirm the total number of companies that have submitted bids due to confidentiality agreements signed between AIG and the potential buyers. 'We have heard many rumors about potential buyers, but we have to stay neutral to make the bid fair to all contenders,' Chou said. On Dec. 3, two of Taiwan's major financial service providers, Cathay Financial Holding Co. and Chinatrust Financial Holding Co., said in a statement to the Taiwan Stock Exchange that they had decided to bid for AIG's 97.57-percent stake in Nan Shan. Fubon Financial Holding Co., the country's second-largest financial services provider that is widely expected to make a similar move, said it had also tendered a bid. Ruenchen Investment Holding Co., a new joint venture created by Ruentex Industries Ltd., Ruentex Development Co. and Pou Chen Corp. for the bid, also said in a stock exchange statement that it had joined the bidding process. Local news reports said that Primus Financial Holdings, a Hong Kong-based firm that tendered the winning bid for Nan Shan in an earlier attempted sale in 2009 but was rejected in October this year by Taiwan's Financial Supervisory Commission (FSC), would submit its bid again. Established in 1963, Nan Shan has a net worth of NT$140.3 billion (US$4.63 billion) , accounting for over 30 percent of the local life insurance market. 