The SCR will cost MAA about RM184.5 million. If they do a capital reduction and repayment for ALL shareholders with the same amount, each share will get approx. RM0.675 and after the capital repayment the NA per shares stil got about RM1.265 which is still higher than the offer price.
The minority shareholders should request the Board to do a capital reductiona and repayment for ALL instead.

MAA have a net assets of RM1.94 per share and more than 65% of its total assets are highly liquid assets like Investments and cash.

Assuming it's being winding up through public tender and auction and get only 50% value on its PPE, Investment properties, Reinsurance assets, Insurance receivables and Trade and other receivables and completely write off its intangible assets, deferred tax assets and deferred acquisition costs. It'll still have a NTA per share of RM1.4234 after deduct all the liabilities and NCI, which is 29.4% above the offer price of RM1.10.

If anyone is able to gather at least 10% in MAA, they should just write a letter to the Board and request the Board and the Company to liquidate its business and assets through public tender and auction. The shareholders are likely to get a higher return than RM1.10 although have to wait longer and can be easily blocked by the offeror.