Tuesday, November 30, 2010

MAA mulls plans to raise more capital

KUALA LUMPUR: MAA HOLDINGS BHD [] is mulling over raising more capital to increase its buffer.

Its chairman Tunku Ya'acob Tunku Abdullah said on Tuesday, Nov 30 the insurance group was considering raising more capital, either via rights or another medium term note programme to meet the capital requirements for insurers by Bank Negara Malaysia.

"We are looking at the options. We may raise capital either via rights issue, bonds or mixture of both.

'But, we are not in a hurry. Our existing MTN of RM170 million is only due in December 2011," he said at a press conference after the MELEWAR INDUSTRIAL GROUP BHD [] AGM.

He added MAA was still in talks with various parties to sell its general insurance arm.

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