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.