Dear Mr.Tan
My pick
1) Mi 30%
2) Mtag 30%
3) Capital A 20%
4) Genm 10%
5) Gamuda 10%

can someone throw some light on the worst scenario if this company to be delisted by bursa .

I think the board of directors has made a good decision

1) to recover the initial investment cost of 20 million

2) future income contributions to the group

3) unlock 3 million from Zurich

wah!financial result is better than expected.

With reference to disclosures in the reports for the fourth quarter and financial years ended 31 December 2011 and third quarter and financial year ended 31 December 2012 on the upward adjustments of RM86.0 Million and RM5.3 Million to the sale consideration of RM344.0 Million based on the draft completion accounts received from Zurich on 30 December 2011 and the notification of disputes submitted by the Company to Zurich on 17 February 2012 disagreeing with certain downward adjustments made to the draft completion accounts (“Disputed Matters”), the Board of Directors of MAAG (“Board”) wishes to announce that MAAG has entered into a settlement agreement with Zurich (“Settlement Agreement”) today for settlement of the Disputed Matters in relation to the draft completion accounts and Prima Avenue Klang property (“PAK”) (“Proposed Settlement”).

Subject to the fulfilment of the conditions precedent set out in the Settlement Agreement, the salient terms of the Proposed Settlement include, inter-alia, the following:

(i) The parties agree and acknowledge that the final agreed additional consideration payable by Zurich shall be RM103,428,081 incorporating all adjustments on the general insurance reserves, general insurance receivables and life liabilities reserve as specified in the Settlement Agreement.

(ii) With respect to settlement of impairment dispute on Senai Desaru and Domayne bonds (“Bonds”), MAAG agrees to accept transfer of the Bonds at the impaired carrying values and the deduction of the Bonds transfer price from the additional consideration by Zurich.

(iii) The parties acknowledge that the amount of RM103,428,081 is subject to the deduction of the Bonds transfer price and PAK Hold Back Amount (as defined in (iv) below), such that the net amount payable by Zurich into the escrow account is RM78,825,822.

(iv) Zurich shall instruct and withhold an amount of RM3.0 Million (“PAK Hold Back Amount”) until delivery of the individual strata titles for Block A of PAK within 3 years period.

None of the directors and/or major shareholders of the Company and/or persons connected with them have any interests, direct and/or indirect, in the Proposed Settlement.

After having considered all aspect of the Proposed Settlement, the Board is of the opinion that the Proposed Settlement is in the best interest of MAAG.

This announcement is dated 24 July 2013.



Good or bad news to the investors?

result is out on 25/7, price will pick up again.