Thursday, April 7, 2011

MAA rises, traders ignore denial of insurer sale for RM1.2b

KUALA LUMPUR: Shares of MAA HOLDINGS BHD [] rose in late afternoon trade on Thursday, 7 as traders ignored the company's denial of a news report that it was selling a 70% stake in its insurance unit for RM1.2 billion.

At 4.08pm, MAA was up seven sen to RM1.27 with 34.76 million shares done.'' It extended its gains from Wednesday, when it closed 22 sen higher at RM1.20 with 73.76 million units transacted.

The FBM KLCI rose 4.59 points to 1,557.48. Turnover was 1.25 billion shares valued at RM1.69 billion. There were 398 gainers, 370 losers and 314 stocks unchanged.

On Wednesday, MAA denied that it was selling a 70% stake in its unit Malaysian Assurance Alliance Bhd (MAAB) to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.

However, it was still in discussions on the disposal of MAAB to Zurich Insurance.

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