Disposal of unit trust business is a good move. MAA's unit trust unit made PBT of RM6m last year. To achieve RM56m (disposal price), It needs another 9 years and without any bank backing, It would be tough for MAA's unit trust to compete with public mutual and other bank backed unit trust funds. Disposal would give another cash per share of 18 sen and NA per share of 15 sen to RM1.30 per share and RM1.45 per share respectively.

Tks newyorkng. In this case, MAA price should worth RM1.33 per share (net assets per share) or at least RM1.10 (net cash per share) upon upliftment frm PN17. Will start to accumulate.

This is because they see the future value of MBf Holdings to be worth more than the price they paid for under the mandatory take-over. As for PN17 PLCs, major shareholders don't need to launch the mandatory take-over because they know they could capitalise on the weakness of Bursa Listing Requirements on PN17 by getting back their PLCs at scraped value after Bursa delisted their PLCs. Don't be surprised, some major shareholders could even take out the prime assets of their PLCs are delisted through their nominees at value way below market. You and me as minority shareholders didn't even know till we saw their annual report. Worst still, some delisted PLCs didn't even send out their annual reports to minority shareholders. In this case, is Bursa still monitor them for the interest of minority shareholders? My answer is probably "no" and I think Bursa is still have a lots to improve.

We do not know the actual % of shareholding of the major shareholder in MAA. On paper, it appeared at 34% but he could have other friendy parties holding another 16.1% and thus enabling them to have major control of 50.1%. Once the Company is delisted with the blessing of Bursa's Listing Requirements, minority shareholders will find difficulties in accessing the financial info other than annual report. The day-to-day operations are still in their control and utilisation of RM300m cash pile in the Company is at their messy. Just look at MBf Corporation, minority shareholders are suffering because stupid Bursa delisted the Company despite the Company has some good assets. What the minority shareholders could say? Talk to major shareholders? They would say "you minority shareholders invest at your own risk. If you could find buyer, just sell your delisted shares, otherwise sell back to me at cheap price." Talk to Bursa? No way Bursa would entertain you. Look at past cases, what are the actions taken against delisted PLCs? The name list of delisted PLCs did not even appear on Bursa website. But for MAA, it may not happen I hope because Bursa should give waiver on PN17 and let the Company continue to be listed. The Chairman said don't expect giant dividend and he did not say "no dividend". Meaning, there would be still be dividend payment. Eventually, the Company will be uplifted from PN17.

In fact, the current Listing Requirements of Bursa provides "escape route" for PLCs to be delisted at the expense of minority shareholders. After their major shareholders made tonnes of monies through "shares play" and subsequently delisted due to failure to submit qtrly reprort or audited accounts or default in payment under PN17 whether intentionaly or otherwise, they could just wash their hands clean. By all means, Bursa should not allow delisting of all these trouble PLCs to safeguard the interest of Minority shareholders. Bursa should form a team to take over the management of these trouble PLCs and tender out to interested parties to take over. This could be another income channel for Bursa. I believe there are many interested parties wish to take over especially for the listing status. Can someone help me to pass this message to
Bursa? As for MAA, if the major shareholders wish to ride along this escape route (which is the weakness of Bursa's Listing Requirements), it will be so easy by way of not submitting any regularisation plan before the deadline given by Bursa. When this scenario happened, major shareholders will be laughing all the way to Bursa because the Group is left with >RM300m for them to enjoy but minority shareholders would suffer.

As the Chairman of MAA, I agree with James that he should not send -ve news to public. He said MAA Takaful would have to split itself into two separate life and general takaful units, with a minimum capital of RM100m for each company. In fact, the increase in paidup capital, says to RM200m for both units can be used for working capital and why is he talking about additional working capital of RM120m-RM150m some more? If the Company should not be in PN17, please appeal to Bursa for waiver again. Why the Advisor was not able to advise the Company. Quote the OSK Holding Berhad case as procedent. Unlike OSK where it disposed off the entire IB biz, MAA has stronger ground because it only disposed part of its insurance biz, ie general ins and its remaining Takaful biz in Malaysia is still doing well.

Hi James, MAA submitted its regularisation plan to Bursa Securities last year but it was not approved. I guess they have to submit a better one by Nov this year. Company like MAA with cash pile of RM300m+ will not go bankcrupt. The Company is only less aggressive and lack of strategic plans. Lets see its forthcoming regularisation plan, ie whether there will be any capital repayment to its loyal shareholders or any potential buyout by other bigger bank/takaful group.

MAA has cash balance of RM184m. After netting off dividend of approx RM9m paid on 5.7.13 and plus cash of RM136m received from escrow account on 30.9.13, total cash is RM311m. Divided by share capital of 304m shares, cash per share is RM1.02. NTA per share as at 30.6.13 is RM1.33. Its current share price of RM0.68 is huge discount to its cash per share and NTA per share.