KUALA LUMPUR: MAA HOLDINGS BHD [] has obtained the Minister of Finance's (MoF) approval to disposes of its 100% stake in Malaysian Assurance Alliance Bhd (MAAB) for RM344 million to Zurich Insurance Company Ltd.
MAA said on Wednesday, June 8 it had received the letter through Bank Negara Malaysia (BNM) for the disposal pursuant to Section 67 of the Insurance Act 1996.
MAA shares closed 11 sen higher at RM1.38 on Wednesday with 25.59 million shares done.
On'' April 11, it had submitted an application to BNM to seek the MoF's approval to enter into an agreement with Zurich Insurance for the proposed disposal of the entire equity interest in MAAB; Multioto Services Sdn Bhd; MAAGNET Systems Sdn Bhd; Malaysian Alliance Property Services Sdn Bhd and MAAGNET-SSMS Sdn Bhd.
MAA said on Wednesday, June 8 it had received the letter through Bank Negara Malaysia (BNM) for the disposal pursuant to Section 67 of the Insurance Act 1996.
MAA shares closed 11 sen higher at RM1.38 on Wednesday with 25.59 million shares done.
On'' April 11, it had submitted an application to BNM to seek the MoF's approval to enter into an agreement with Zurich Insurance for the proposed disposal of the entire equity interest in MAAB; Multioto Services Sdn Bhd; MAAGNET Systems Sdn Bhd; Malaysian Alliance Property Services Sdn Bhd and MAAGNET-SSMS Sdn Bhd.
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