MNRB

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not vested

MNRB Holdings Bhd

Malaysia’s sole national reinsurer, MNRB Holdings Bhd, looks like a potential privatisation target, considering that it is trading at only 0.3 times its price-to-book value. Its share price is RM1.95 compared with its book value of RM6.51.

PNB has a 60% stake in the company that commands a market capitalisation of RM629.62mil.

MNRB’s valuations are low, even when compared with the global reinsurers.

Based on data by Capital IQ as of July 20, 2016, the valuation for reinsurers in the United States ranges from a low of 0.86 times to a high of 1.35 times, with an average of 1.03 times.

Differences in each company’s multiples can be attributed to varying levels of exposure to catastrophe risk, along with company-specific factors such as growth strategy, product-line exposure and profitability.

The stock is also thinly traded, with a 30-day average volume of some 84,737 shares. And the company has not been declaring cash dividends for almost two years. The last time MNRB gave out a cash dividend was in 2014 when it paid out 11 sen.

In 2005, as a result of a restructuring exercise within the MNRB Group, the company’s reinsurance licence, business and assets were transferred to its subsidiary company, Malaysian Reinsurance Bhd.

Following that restructuring, Malaysian Reinsurance became an investment holding company and changed its name to MNRB Holdings.

The MNRB Group comprises leading wholesale providers of reinsurance and retakaful, as well as a takaful operator. Its reinsurance subsidiary stands tall among the top reinsurers in the region, writing lines of general businesses locally and abroad.

Source: The Star

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MNRB falls to January 2017 low on RM400m fund raising plan

KUALA LUMPUR: Shares of MNRB Holding Bhd fell to a low of RM2.11, the lowest since late January 2017, on news the reinsurer planned a fund-raising exercise to raise about RM400mil by selling new shares to its shareholders.

At 10.40am, it was down 22 sen to RM2.12. There were 1.55 million shares done.

MNRB announced on Wednesday the rights issue would be on the basis of four new rights shares for every five shares held. Shares closed at RM2.34 on Wednesday, giving it a market capitalisation of RM747.98mil.

MNRB said it plans to use the proceeds to boost the capital position for its subsidiaries, namely, Takaful Ikhlas Bhd and Malaysian Reinsurance Bhd, and grow their businesses.

For illustration purposes, the group assumed the issue price at RM1.57 per rights share. MNRB said the issue price represents a discount of 20.3% to the theoretical ex-rights price of RM1.97, based on the five-day volume weighted average market price of RM2.29 as at June 22.

“Barring any unforeseen circumstances, the proposed rights issue is expected to be completed in the fourth quarter of 2018,” it said.

https://www.thestar.com.my/business/bus ... 9bzyGCA.99

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Interim Results

Revenue: -3%
Loss: -128%
Net Asset: 2.80

http://www.bursamalaysia.com/market/lis ... ts/6082245

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Annual Report 2018

http://www.mnrb.com.my/sites/default/fi ... tement.pdf

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MNRB 1Q earnings fall on weaker reinsurance and takaful performance

August 28th, 2018

MNRB Holdings Bhd raked in a lower net profit for the first quarter ended June 30, 2018 (1Q19) due to lower premiums and contributions from the reinsurance and takaful subsidiaries.

Net profit dropped 43.9% year-on-year (YoY) or RM22.2 million to RM28.3 million, while revenue eased 10.1% YoY to RM544 million.

In a Bursa filing yesterday, the company noted the decrease in revenue for reinsurance business was mainly due to the lower gross premiums from international business as a result of its business rationalisation exercise.

The Takaful segment was impacted by lower gross contributions received from the general business.

It recorded a lower net profit of RM6.8 million in the financial period ended June 30, 2018 as compared to a net profit of RM15.9 million for the same period last year, mainly due to lower wakalah fee received from takaful funds.

The group is expected to achieve satisfactory results for the current financial year ending March 31, 2019.

Source: TMR

https://themalaysianreserve.com/2018/08 ... rformance/

[winston]

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Sep 24, 2018

MNRB Holdings had extended the repayment date of a RM320mil credit facility obtained from AmBank (M) Bhd by six months to March 22, 2019.

Source: The Star

https://www.thestar.com.my/business/bus ... uMvCavm.99

[winston]

not vested (just sold)

Premiums: -12%
Profits After Tax: +80%

http://www.bursamalaysia.com/market/lis ... ts/6174077

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DECLARATION OF AN INTERIM DIVIDEND FOR THE FINANCIAL YEAR ENDING 31 MARCH 2020

The Board of Directors (“the Board”) of MNRB Holdings Berhad ("MNRB") is pleased to declare an interim dividend in respect of the financial year ending 31 March 2020 (“Interim Dividend”) of 2.50 sen per ordinary share in MNRB (“Share”) amounting to approximately RM19.176 million based on the issued share capital of 767,050,063 Shares as at 15 October 2019.

The Board had determined that the Dividend Reinvestment Plan (“DRP”) which was approved by the shareholders of the Company at the Extraordinary General Meeting of MNRB held on 25 September 2019 will apply to the entire portion of the Interim Dividend and will therefore provide the shareholders with the option to reinvest the Interim Dividend into new Shares.

The Company will be submitting an application to Bursa Malaysia Securities Berhad (“Bursa Securities”) for the listing and quotation of the new Shares on the Main Market of Bursa Securities pursuant to the DRP.

The entitlement date for the Interim Dividend will be announced after obtaining the approval of Bursa Securities on the Company’s additional listing application.

This announcement is dated 15 October 2019.

http://www.bursamalaysia.com/market/lis ... ts/6311061

[winston]

vested

DECLARATION OF AN INTERIM DIVIDEND FOR THE FINANCIAL YEAR ENDING 31 MARCH 2020

The Board of Directors (“the Board”) of MNRB Holdings Berhad ("MNRB") is pleased to declare an interim dividend in respect of the financial year ending 31 March 2020 (“Interim Dividend”) of 2.50 sen per ordinary share in MNRB (“Share”) amounting to approximately RM19.176 million based on the issued share capital of 767,050,063 Shares as at 15 October 2019.

The Board had determined that the Dividend Reinvestment Plan (“DRP”) which was approved by the shareholders of the Company at the Extraordinary General Meeting of MNRB held on 25 September 2019 will apply to the entire portion of the Interim Dividend and will therefore provide the shareholders with the option to reinvest the Interim Dividend into new Shares.

The Company will be submitting an application to Bursa Malaysia Securities Berhad (“Bursa Securities”) for the listing and quotation of the new Shares on the Main Market of Bursa Securities pursuant to the DRP.

The entitlement date for the Interim Dividend will be announced after obtaining the approval of Bursa Securities on the Company’s additional listing application.

This announcement is dated 15 October 2019.

http://www.bursamalaysia.com/market/lis ... ts/6311061

[winston]

vested

3Q Earnings

Revenue: +17%
EPS: -3%
NAV: RM 3.08

http://www.bursamalaysia.com/market/lis ... ts/6353813