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Hot Stock MAA surges 19.81% on plan to sell MAA Takaful
by Cals Fri 06 May 2016, 01:24
- Hot Stock
[size=28]MAA surges 19.81% on plan to sell MAA Takaful
By Surin Murugiah / theedgemarkets.com | May 5, 2016 : 9:37 AM MYTKUALA LUMPUR (May 5): MAA Group Bhd shares surged 19.81% in early trade today after the company said it is is selling its 75%-owned subsidiary, MAA Takaful Bhd, to Zurich Insurance Co Ltd for RM393.75 million cash.
At 9.17am, MAA jumped 21 sen to RM1.27 with 2.77 million shares done.
In a filing with Bursa, MAA Group said assuming that the proposed disposal is completed on Dec 31, 2015, MAA Group expects to record a pro forma non-recurring gain on disposal of RM289.5 million.
Solidarity Group Holding BSC, which holds the remaining 25% equity interest in MAA Takaful, will also be disposing of its stake to Zurich for RM131.25 million.
The group received approval from the Finance Ministry for the proposed disposal, vide Bank Negara Malaysia's letter dated April 27.
MAA Group said after the completion of the disposal, the board is proposing to declare an interim special dividend of 35 sen per MAA Group share, amounting to approximately RM100.8 million, on an entitlement date to be determined and announced later.
MAA Group said the proposed disposal provides an opportunity for it to unlock and realise the value of its investment at an attractive valuation amid an increasingly competitive insurance and takaful sector.
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