MAA Group

Re: MAA Group

Postby winston » Wed Feb 27, 2019 3:05 pm

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Trading in MAA securities halted pending announcement

by Samuel Lim

KUALA LUMPUR (Feb 27): Trading in the securities of MAA Group Bhd has been suspended today pending a material announcement.

In a filing with Bursa Malaysia today, MAA said it had requested for the suspension from 9am till 5pm today.

MAA shares last traded yesterday at 60 sen, giving the group a market capitalisation of RM164.11 million.

The group booked a net loss of RM2.63 million in the third quarter ended in Sept 2018 (3QFY18) due to significant changes to accounting policies in regards to the Malaysian Financial Reporting Standard (MFRS).

The 3QFY18 report of MAA's certain investments of RM9.64 million on Dec 31, 2017, held to collect cash flows have been reclassified and their fair value of RM1.73 million deemed as an amortised cost for these investments as at Jan 1, 2018.

Source: The Edge

http://www.theedgemarkets.com/article/t ... nouncement
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Re: MAA Group

Postby winston » Wed Feb 27, 2019 7:08 pm

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PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE

The Board of Directors of the Company (“Board”) wishes to announce that the Company has today received a letter from Melewar Acquisitions Limited and Melewar Equities (BVI) Ltd (collectively, “Non-Entitled Shareholders”), in their capacity as major shareholders of the Company, requesting the Company to undertake a selective capital reduction and repayment exercise pursuant to Section 116 of the Companies Act, 2016 (“SCR Offer Letter”).

The Proposed SCR entails a selective capital reduction and a corresponding capital repayment of a proposed cash amount of RM1.10 for each ordinary share in MAAG held by all the shareholders of MAAG (other than the Non-Entitled Shareholders) whose names appear in the Record of Depositors of the Company as at the close of business on an entitlement date to be determined and announced later by the Board (“Entitled Shareholders”).

In this regard, the Board has today appointed Affin Hwang Investment Bank Berhad as the Principal Adviser in relation to the Proposed SCR, and will appoint an independent adviser to provide comments, opinions, information and recommendations to the Board (except for the Interested Directors) and to the Entitled Shareholders in respect of the Proposed SCR.

http://www.bursamalaysia.com/market/lis ... ts/6077553
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Re: MAA Group

Postby winston » Thu Feb 28, 2019 10:53 am

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Melewar offers to take MAA private at RM1.10 a share

by Wong Ee Lin

KUALA LUMPUR (Feb 27): The Melewar Group, which holds a collective 38.67% stake in MAA Group Bhd, is looking to take the Practice Notice 17 (PN17) company private at RM1.10 per share.

In a filing to the stock exchange, MAA said the privatisation will be carried out through a selective capital reduction and repayment exercise (SCR).

The group said it received a letter today from its major shareholders, Melewar Acquisitions Ltd and Melewar Equities (BVI) Ltd, which hold stakes of 28.82% and 9.85% respectively, as well as persons acting in concert, requesting MAA to undertake a SCR.

The persons acting in concert include MAA executive chairman Tunku Datuk Yaacob Kyra, Kyra Legacy Bhd and Melewar Equities Sdn Bhd.

Under the proposed SCR, entitled MAA shareholders will receive a total capital repayment of RM184.51 million, which represents a cash amount of RM1.10 for each share held by them on the entitlement date to be determined later.

"For the avoidance of doubt, the non-entitled shareholders (Melewar Acquisitions and Melewar Equities) will not be entitled to the repayment of capital pursuant to the proposed SCR," the major shareholders said in their offer letter.

Upon the completion of the SCR, MAA's issued share capital will be reduced by RM184.51 million and all 167.74 million shares held by the entitled shareholders will be cancelled.

MAA was classified as a PN17 company on Sept 30, 2011 following the disposal of its major business, and has since then explored various proposals to enhance its earnings profile and regularise its financial condition.

However, despite receiving multiple extensions of time from Bursa Securities to formulate and submit a regularisation plan, the group has yet to identify suitable proposals or viable acquisition opportunities, the offer letter noted.

As at the latest practicable date of Feb 26, none of the proposals contemplated by MAA have materialised, primarily due to the mismatched valuation expectations and a lack of fit with the company's corporate objectives, risk appetite and/or available financial capacity, the letter noted.

"We believe that the proposed SCR provides the most appropriate manner and at the premiums over the market prices of MAA shares," the major shareholders said in their offer letter.

At RM1.10, the SCR offer price represents a premium of three sen over the market price of MAA's shares on May 5, 2016 of RM1.07, which is the highest traded market price since the group was designated a PN17 company.

Notably, the offer price represents a premium of 84.5 sen or 331.37% above MAA's last traded price of 25.5 sen.

The offer will remain open for MAA's board of directors' acceptance until March 29.

MAA's market capitalisation is RM164.11 million.

Source: The Edge

https://www.theedgemarkets.com/article/ ... m110-share
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Re: MAA Group

Postby winston » Wed May 22, 2019 7:45 am

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MAA Group board could propose revised offer price

21 May 2019

The company’s net asset per share stands at RM1.94 – which is 84 sen higher than the SCR price of RM1.10.

According to its recent financial report, the group had RM251.1mil in cash as at Dec 31, 2018. Just based on this figure, without taking into account all other assets, MAA’s cash per share already amounts to 90.8 sen.

Aside from this, MAA has receivables from Zurich Insurance that are due by end-June of RM93.8mil and RM48.4mil in quoted and unquoted financial assets.

Based on MAA’s issued shares of 273.5mil, this translates to more than RM1.40 per share.

The EGM will be held on May 29.


Source: The Star

https://www.thestar.com.my/business/bus ... A1WAMfF.99
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Re: MAA Group

Postby winston » Wed May 29, 2019 7:55 pm

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1Q, 2019 Results

Revenue: +13%
Profits After Tax: +52%

http://www.bursamalaysia.com/market/lis ... ts/6177057
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Re: MAA Group

Postby winston » Thu May 30, 2019 10:03 am

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MAA Group to scout for new business

by Eugene Mahalingam

KUALA LUMPUR: MAA Group Bhd (MAAG), which failed to get the nod from shareholders for a proposed privatisation exercise by its major shareholder, will focus on finding a new business to exit its Practice Note 17 (PN17) status.

Executive chairman and controlling shareholder Tunku Datuk Yaacob Khyra said the group would be looking to negotiate with the regulators to allow MAAG to embark on multiple acquisitions of smaller businesses, instead of searching for one large company that makes RM20mil annually under its current restriction as a PN17 entity.

“Nothing’s changed. We’re still trying to comply with Bursa Malaysia’s requirement to look for a new business. But instead of having to find one giant business that can make RM20mil profit, we would like to find five companies making RM4mil profit,” he told reporters after the company’s AGM and EGM.

“So far, we’ve only been looking at big companies because that’s all we were allowed to do. Of course, we have to ask Bursa if we can reconsider that because that makes it much easier.”

“If one company goes bust, we can still depend on the other companies and diversify our portfolio,” he said.

Bursa Malaysia had granted MAAG an extension until Oct 31, 2019, to submit a regularisation plan.

MAAG’s PN17 status is not due to inadequate financials but due to a lack of business after selling off the bulk of its assets.

In June 2016, the group disposed of its 75% stake in MAA Takaful Bhd (now known as Zurich Takaful Malaysia Bhd), a subsidiary engaged in takaful business, to Zurich Insurance.

Yaacob said it’s not possible for MAAG to find a business within the financial services segment of the right size.

“In the financial services sector, you have banks. To buy a bank you need a few billion ringgit. To buy a stockbroker you need hundreds of millions of ringgit. We’re already out of the insurance industry and to buy an insurance company would require hundreds of millions of ringgit.

“So, to buy a company within the financial services industry will be hard. We want to be in the financial services business and grow our insurance business (in the Philippines). We are still looking but the economic situation now is not so good. So we have to be careful with what we find,” he said.

On Feb 27, 2019, MAAG’s major shareholder, the Melewar group, which is controlled by Yaacob, had proposed to take MAAG private via a selective capital repayment (SCR) exercise with a repayment of RM1.10 a share.

This, however, raised questions on whether the price was fair. This is because the company’s net asset per share stands at RM1.94 – which is 84 sen higher than the SCR price. MAA is a cash-rich company, which also has no borrowings.

At the EGM yesterday, shareholders owning 69.8% of the shares had voted in favour of the SCR but 10.77% had objected to the plan. MAAG needed 75% of the shares for the SCR to go through.

Yaacob said the offer was meant to realign the share price.

“Because of the SCR, the share price moved from 50 sen to RM1. Shareholders feel that the fair price of the company is RM1.90 and we should be trading at RM1.90, if MAAG is valued properly. The problem is that up to now, no one has valued it properly. Everyone is only prepared to pay 50 sen.

“But if shareholders feel that the share price is worth RM1.90, then that’s how much they should pay. Why are you saying “give me more? Instead of RM1.10, you want RM1.30. Don’t ask what we should give you. Ask what you will pay for your company. If you say the company is worth RM1.90, then pay RM1.90,” he said.

MAAG’s share price plunged 20% or 20 sen to 79.5 sen yesterday following news that the proposed SCR had fallen through.

Yaacob said regulations forbid another takeover offer for at least 12 months.

“I’m not making another offer. Technically, I can’t for another 12 months under the takeover code. But I don’t intend to make another offer again,” he said.

Source: The Star

https://www.thestar.com.my/business/bus ... cg038Sk.99
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Re: MAA Group

Postby winston » Thu May 30, 2019 10:37 am

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MAA shares tank as group refuses to pay more after planned SCR rejected

by Adam Aziz

Minorities’ main grouse is the payout of RM1.10 per share, which works out to just RM184.51 million.

As at end-December, MAA — excluding its insurance business in the Philippines — had total assets of RM447.13 million, of which 51.7% or RM231.31 million was in cash.

Also as at end-December, MAA’s net asset per share was at RM1.94, which means the SCR of RM1.10 is at a 43% discount to the company’s net assets.

The group also noted that the SCR offer price of RM1.10 represents a discount of 76 sen (40.9%) to 98 sen (47.1%) to the estimated fair value per MAA share, which ranges from RM1.86 to RM2.08 (of which about 85 sen is attributable to cash and cash equivalents per MAA share as at end-December).

Separately, MAA returned to profitability yesterday in its first quarter ended March 31, 2019, with a net profit of RM6.57 million, versus a net loss of RM12.63 million a year ago.


Source: The Edge Financial Daily

https://www.theedgemarkets.com/article/ ... r-rejected
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Re: MAA Group

Postby winston » Mon Aug 19, 2019 4:38 pm

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July 1, 2019

OTHERS MAA GROUP BERHAD ("MAAG" OR "THE COMPANY") DISPOSAL BY MAAG OF ITS ENTIRE 75% EQUITY INTEREST IN MAA TAKAFUL BERHAD ("MAAT") TO ZURICH INSURANCE COMPANY LTD ("ZURICH") MAA GROUP BERHAD

MAA GROUP BERHAD ("MAAG" OR "THE COMPANY")

DISPOSAL BY MAAG OF ITS ENTIRE 75% EQUITY INTEREST IN MAA TAKAFUL BERHAD ("MAAT") TO ZURICH INSURANCE COMPANY LTD ("ZURICH")

Further to the announcements dated 4 May 2016, 30 June 2016 and 27 December 2016, the Board of Directors of MAAG (“Board”) wish to announce that the balance consideration of RM88,623,399.52 has been released to and received by MAAG today, being the next business day after the third anniversary of the Completion Date on 30 June 2016, and a balance of RM5,126,600.48 is still being retained by Zurich until the Pending Purchaser Claims are resolved.

The Pending Purchaser Claims relate to alleged breach of warranties, and mainly comprise of claims of RM6,668,792.30 additional taxes and penalties imposed on MAAT by the Inland Revenue Board of Malaysia.

MAAG has engaged its advisers and attorneys to verify and assess the accuracy and validity of these claims.

The Company will make necessary announcements on further developments as and when necessary.

This announcement is dated 1 July 2019.

http://www.bursamalaysia.com/market/lis ... ts/6210013
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Re: MAA Group

Postby winston » Sat Sep 21, 2019 9:41 am

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MAA Group buys St John's International school

KUALA LUMPUR: MAA Group Bhd is expanding its education business with a RM27mil purchase of an international school.

The company, in a filing with Bursa Malaysia today, said its wholly owned subsidiary Edumaax Sdn Bhd has entered into a deal with Scholastic Ventures Sdn Bhd and PAC Edu KL Sdn Bhd to acquire a 90% stake in Scholastic IB International Sdn Bhd (SIB).

"The proposed acquisition will enable MAA Group to have a stable stream of income and profits, and accelerate expansion and growth in the education business segment," it said.

The remaining 10% of SIB is own by Johannians Leadership Foundation.

SIB owns the St. John’s International Edu Group Sdn Bhd, which offers Cambridge lower secondary and upper secondary for students between the age of 12 and 17 years old.

MAA Group sold its takaful business in 2016.

The company owns Kasturi Academia Sdn Bhd, formerly known as Pusat Tuisyen Kasturi Sdn Bhd.

Source: The Star

https://www.thestar.com.my/business/bus ... w0xDqDi.99
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Re: MAA Group

Postby winston » Sat Sep 21, 2019 9:44 am

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The Board of Directors of MAAG, wishes to announce that on 20 September 2019, Edumaax Sdn Bhd (formerly known as Indopelangi Sdn Bhd), a wholly owned subsidiary of MAA Corporation Sdn Bhd, which in turn is a wholly owned subsidiary of the Company had entered into a Share Acquisition Agreement (“SAA”) with Scholastic Ventures Sdn Bhd and PAC Edu KL Sdn Bhd, for the acquisition of 1,147,059 shares representing 90% equity interest in Scholastic IB International Sdn Bhd for a total purchase consideration of RM27,000,000.00 (Ringgit Malaysia: Twenty Seven Million Only) subject to further terms and conditions stipulated in the SAA.

Source: Bursa

http://www.bursamalaysia.com/market/lis ... ts/6288405
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