KUALA LUMPUR (Sept 13): MNRB Holdings Bhd’s shares climbed 1.29% this morning as AmanahRaya Trustees Bhd gave its undertaking in writing to subscribe in full its entitlement and those of undersubscribed excess rights shares under MNRB's proposed rights issue to raise about RM400 million.

At 10.32am, the stock grew three sen to RM1.57 after paring gains, with 240,900 shares done for a market capitalisation of RM495.39 million. The counter, among the top gainers today, retracted from its five-year low of RM1.53 on Sept 3. In a year, it has fallen 38.43%.

Yesterday, MNRB, which provides underwriting for all classes of general reinsurance business, said AmanahRaya’s undertaking is subject to its resultant shareholdings in MNRB not exceeding 44.3%.

As at Aug 29, 2018, AmanahRaya and Permodalan Nasional Bhd (PNB) held 42.4% and 12.74% respectively, in MNRB.

The proceeds of the rights issue will be injected into its takaful subsidiaries — Takaful Ikhlas Bhd and Malaysian Reinsurance Bhd, at RM300 million and RM100 million respectively — to enhance the capital position for both companies and grow its takaful and reinsurance businesses.