Quick take: MAA Group to announce corporate exercise

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

KUALA LUMPUR: MAA Group Bhd is set to announce its corporate exercise on Wednesday following the voluntary suspension in the trading of its shares from 9am.

The Practice Note 17 company said Bursa Malaysia Securities had approved the suspension of trading pending the release of the material announcement.

MAA Group has until  April 30, 2019 to submit its regularisation plan to Bursa Securities for approval.

In announcement to Bursa on Feb 4, it said the company was still in the midst of formulating the plan to regularise its financial condition and it would submit it to the regulatory authorities for approval.

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. 

With this sale, the group exited the local financial services sector regulated by Bank Negara Malaysia. 

Its current business activities include investment holding, education services provided by Kasturi Academia Sdn Bhd (formerly known as Pusat Tuisyen Kasturi Sdn Bhd), a general insurance business via MAA General Assurance Philippines, Inc. and a retail mortgage lending business in Australia via Columbus Capital Pty Ltd.

“Notwithstanding the aforesaid business portfolio, the group is currently engaged in an extensive search for additional new core business(es) to further diversify its income streams.
“As at Dec 31, 2017, the group’s total assets stood at RM779mil,” it said.

Its last traded price was 60 sen.

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MAA Group , insurance , Zurich , Kasturi Academia


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