MAA Group to sell 75% equity interest in MAA Takaful

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KUALA LUMPUR (June 16): Bank Negara Malaysia (BNM) has granted MAA Group Bhd the greenlight to commence negotiation to sell its 75% equity in takaful unit, MAA Takaful Bhd, to Zurich Insurance Company Ltd.

In a filing to Bursa Malaysia today, MAA Group (fundamental: 0.9; valuation: 2.55) announced that BNM has no objections for the company’s proposed disposal of its Islamic insurance arm to Zurich.

The announcement noted that both MAA Group and Zurich would be required to obtain the prior approval of the Minister of Finance, with the recommendation of BNM before entering into a final agreement.

MAA Group closed unchanged today at 72 sen per share for a market capitalisation of RM241.51 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)