KUALA LUMPUR: MAA Group Bhd will be uplifted from being classified as a Practice Note 17 (PN17) company effective from today.
This follows Bursa Malaysia Securities Bhd’s (Bursa Securities) approval of the insurance group’s application for a waiver from complying with Paragraph 8.04(3)(a) and PN17 of the Main Market Listing Requirements (Main Market LR).
“The decision (by Bursa Securities) was arrived at after taking into consideration all facts and circumstances of the matter including, amongst others, that the company no longer triggers any prescribed criteria under Paragraph 2.1 of PN17 of the Main Market LR, ” the regulator said in a statement yesterday.
Bursa Securities said it also took into account MAA’s latest financial position as of Dec 31,2020, including net assets of RM533.01mil, and that the general insurer had recorded three consecutive quarters of net profit up to the quarter ended Dec 31,2020. The results have been subjected to a limited review by an external auditor. — Bernama