MAA Group

[winston]

vested

High: 0.965
Low: 0.95
Close: 0.96
+/-: No Change
Volume: 242,300

Buyback of 61,700 between 0.95 and 0.96
http://www.bursamalaysia.com/market/lis ... _code=1198

[winston]

vested

High: 0.975
Low: 0.96
Close: 0.975
+/-: 0.015
Volume: 566,100

Buyback of 196,200 between 0.96 and 0.965
http://www.bursamalaysia.com/market/lis ... ts/5057293

[winston]

vested

High: 0.98
Low: 0.97
Close: 0.97
+/-: No Change
Volume: 307200

Buyback of 233,200 @ 0.97
http://www.bursamalaysia.com/market/lis ... ts/5060865

[winston]

vested

High: 0.97
Low: 0.96
Close: 0.97
+/-: No Change
Volume: 265,000

Buyback of 170,800 ( 64% ) between 0.96 and 0.97
http://www.bursamalaysia.com/market/lis ... ts/5062269

[winston]

vested

High: 0.98
Low: 0.97
Close: 0.975
+/-: +0.005
Volume: 148,200

Buyback of 10,000 at 0.97
http://www.bursamalaysia.com/market/lis ... ts/5063445

[winston]

vested

High: 0.98
Low: 0.965
Close: 0.98
+/-: +0.01
Volume: 294,300

Buyback of 116,000 ( 39% ) between 0.975 and 0.98
http://www.bursamalaysia.com/market/lis ... ts/5067557

[winston]

vested

High: 0.99
Low: 0.975
Close: 0.98
+/-: No Change
Volume: 500,500

Buyback of 270,000 (54%) between 0.98 and 0.985
http://www.bursamalaysia.com/market/lis ... ts/5069145

[winston]

vested

OTHERS MAA Group Berhad ("MAAG" or "the Company") Proposed Disposal of 75% equity interest in MAA Takaful Berhad ("MAAT") ("Proposed Disposal")

Proposed Disposal of 75% equity interest in MAA Takaful Berhad ("MAAT") ("Proposed Disposal")

We refer to the announcement made by the Company on 30 November 2015 whereby the Company, Solidarity Group Holding BSC (Closed) (“Solidarity”) and Zurich Insurance Company Ltd (“Zurich”) have jointly submitted an application to BNM on 30 November 2015 for approval of the Minister of Finance pursuant to the Islamic Financial Services Act 2013 (“IFSA”) to enter into an agreement with Zurich for the Proposed Disposal by the Company and Solidarity of their respective 75% and 25% equity interest held in MAAT.

The Board of Directors of MAAG wishes to announce that the Minister of Finance of Malaysia had, by a letter from BNM dated 27 April 2016, approved the proposed disposal of its 75% equity interest in MAAT to Zurich under Section 101 of the IFSA.

As the Proposed Disposal is subject to the execution of a Share Purchase Agreement, further details will be announced in due course.

This announcement is dated 27 April 2016.

[winston]

MAA Group gets minister's nod to sell 75% in takaful arm

KUALA LUMPUR: The Finance Minister has approved the proposed disposals of MAA Group Bhd’s 75% equity interest and Solidarity Group Holding BSC (Closed)’s 25% stake in MAA Takaful Bhd to Zurich Insurance Company Ltd.

MAA told Bursa Malaysia that both it and Solidarity had received the minister’s approval through a letter from Bank Negara on Wednesday.

The central bank had vide its letter dated June 15, 2015, stated that it had no objection in principle for MAA Group and Zurich to begin negotiations for the proposed sale.

Subsequently, on Nov 30, 2015, MAA, Solidarity and Zurich jointly submitted an application to Bank Negara for approval of the Finance Minister pursuant to the Islamic Financial Services Act 2013 to enter into an agreement with Zurich for the proposed disposals.

“As the proposed disposal is subject to the execution of a share purchase agreement, further details will be announced in due course,” said MAA.

MAA shares added 4 sen to close at RM1.02, with 1.47 million shares changing hands.

Source: The Star

[winston]

vested

MAA can advance with disposal of Takaful arm

BY EUGENE MAHALINGAM

MAA GROUP Bhd, which has been having funding issues despite being cash-rich, may have finally found a reprieve with the sale of its Takaful arm, MAA Takaful Bhd.

Due to its Takaful business, MAA Group’s activities had been restricted by the Islamic Financial Services Act 2013 (IFSA).

It also does not help that MAA Group has been classified a PN17-status company.

“The restrictions under the IFSA had made it difficult for MAA Group to get out of the PN17 status,” says industry observer.

That is until now. The financial services provider had announced on Bursa Malaysia that the Finance Minister has approved the proposed disposals of MAA Group’s 75% equity interest and Solidarity Group Holding BSC’s (Closed) 25% stake in MAA Takaful Bhd to Zurich Insurance Company Ltd.

MAA said that it and Solidarity had received the minister’s approval through a letter from Bank Negara.

The central bank had, through a letter dated June 15, 2015, stated that it had no objection in principle for MAA Group and Zurich to begin negotiations for the proposed sale.

On Nov 30, 2015, MAA, Solidarity and Zurich jointly submitted an application to Bank Negara for approval of the Finance Minister pursuant to the Islamic Financial Services Act 2013 to enter into an agreement with Zurich for the proposed disposals.

Cash-rich

MAA Group has been classified PN17 since 2011, following the sale of its conventional insurance arm – Malaysian Assurance Alliance Bhd (MAAB) to Switzerland-based Zurich Insurance Co Ltd.

Since then, MAA Group has sought extensions to the deadline for submitting a regularisation plan to Bursa to avoid losing its listing status, the latest being June 30.

MAA Group has been having trouble submitting a regularisation plan as it has not been able to utilise its funds for that purpose – because its hands are bound by the IFSA.

In a 2013 interview with a local English daily, executive chairman Tunku Ya’acob Tunku Abdullah said of MAA Group’s predicament: “The PN17 classification was designed for companies that are in trouble. We are not in trouble.

“We are not (financially) distressed. We have no debts, we are relatively cash-rich but at the same time we are also governed by the central bank unlike all the other PN17 classified companies. By right, we should not be in PN17.”

According to MAA Group’s latest quarterly report, the company has cash and cash equivalents totalling RM350.51mil as at Dec 31, 2015. It also has assets for sale worth over RM6mil. Disposing of its Takaful arm would also help increase its cash.

There is speculation that the company could eventually be taken private by Tunku Ya’acob.

“Given the issues that MAA Group has had, one advantage of taking it private, is reduced regulatory requirements, which can help provide the company with less restrictions to focus its long-term goals.”

In the past, it was speculated that MAA Group was looking at a proposed rights issue, inject assets into its business or even consider a joint venture partner. There was also speculation that the company could become a target for a reverse takeover.

However, in its notes accompanying its 2015 earnings, MAA Group did say that it would remain listed if it come out of PN17.

“On the PN17 status of the company, it is the board’s intention to maintain the listing status of the company.

“Accordingly, the company is in the process of preparing a regularisation plan, that takes cognisant of the effects of the proposed disposal of MAA Takaful for submission to Bursa Securities.”

For its financial year 2015, MAA Group recorded a decrease of 18.5% in total operating revenue to RM566.1mil, of which the continuing operations recorded RM565.7mil and the discontinued operations recorded RM400,000.

Under the conventional insurance business, the General Insurance Division comprised wholly of the Indonesia operations recorded a minimal gross earned premiums of RM1,000 due to run-off effects of the said operations that has commenced in 2013.

Under the Takaful business, the General Takaful Division recorded a decrease in total gross earned contributions by 3.2% to RM277.6mil, mainly decline from fire, personal accident, marine, aviation and transit and engineering classes of business, whilst the Family Takaful Division registered a 31.8% decrease in total gross earned contributions to RM250.7mil, affected by the decline from single contribution investment-linked products.

On the outlook for 2016, MAA Group says it expects the operating environment to be increasingly challenging and competitive, given the projected weak global economic growth in 2016.

“Notwithstanding this, the group will continue its efforts to implement management action plans to expanding existing business and improve profitability.

“The group expects its performance for the next financial year to perform in tandem with the Malaysian economy.”

Source: The Star