Posted by jamesooi > 2016-06-15 16:44 | Report Abuse

Markus Lee, it is a very good idea to have a facebook group for MAA minority shareholders and you have my full support.
Looking at the current trend, major shareholders only take care of the own interest. We must also group together to voice our concerns.

Posted by Cipta > 2016-06-16 13:48 | Report Abuse

We must Tolak those fallacy : " if you dislike the way BOD done, sell the share lah, why complain a lot? "
We must fight for our right. If we ignore and flinch, then who we expect would stand up and fight for us? I support you Markus and James!

Posted by JL99 > 2016-06-16 17:35 | Report Abuse

please let me know if a group is created, yes agree we must be united !

Posted by jamesooi > 2016-06-16 18:09 | Report Abuse

Any volunteer??

Posted by balvin71 > 2016-06-17 08:52 | Report Abuse

AGM on Monday, 20th, how many going? Can unite there also. Let's decide how we going to vote on the resolutions.

Posted by NavinShah > 2016-06-17 11:09 | Report Abuse

I have voted against and have send my proxy.

Posted by jamesooi > 2016-06-17 11:17 | Report Abuse

I am going to AGM and EGM

Posted by theong > 2016-06-17 13:22 | Report Abuse

I will try to go this time.

Posted by theong > 2016-06-17 13:27 | Report Abuse

Is there any good hotel around MAA the meeting venue ? Any body can recommend ?

Posted by nelsonlai82 > 2016-06-17 15:02 | Report Abuse

I have friend is working as MAA takaful agent, really good profit. But MAA takaful is selling to zurich, MAA group still can make more profit in long term? Lost a big water pipe..

Posted by jamesooi > 2016-06-18 10:21 | Report Abuse

I attended last year AGM and The Management gave us RM20 gift voucher per shareholder .

Posted by moneycashrich > 2016-06-20 11:00 | Report Abuse

Hope those attending AGM will provide on hand info.

Posted by balvin71 > 2016-06-20 13:14 | Report Abuse

After the AGM, I have sold other counters, some at a loss and some at a small profit and put all the funds in MAA. Bought at RM1.17 this afternoon.

Posted by jamesooi > 2016-06-20 13:48 | Report Abuse

Balvin71, you are very bullish on MAA, can share some ideas please

Posted by balvin71 > 2016-06-20 16:03 | Report Abuse

JamesOoi, a few reasons:
1) NTA per share after sale of MAAT is 2.36 before special div or 2.01 after special div. Mostly in cash.
2) They have indicated might increase their stake on MAA Phillipines from 40% to above 50% so that this can be consolidated in their book. This entity is 12th largest out of 69 insurance company there and is profitable.
3) Can also increase their stake in Columbus in Australia from 47+% to 50+% and consolidate in their books. Also profitable biz.
4) Looking at increasing their exposure in the education sector. There is a lot of opportunity here. We know the state of our schools.
5) Looking to buy a manufacturing biz. But said, will only do at the right price and take it slow.

Posted by balvin71 > 2016-06-20 16:07 | Report Abuse

To point No 1, last sentence I better say "mostly in cash and receivables" as a portion of the cash will only be received after 2 years.

Posted by jamesooi > 2016-06-20 16:19 | Report Abuse

Thanks for sharing

Posted by moneycashrich > 2016-06-20 16:30 | Report Abuse

Thanks to balvin71 for u on hand info.

Posted by Kin Fatt Wong > 2016-06-20 17:46 | Report Abuse

May I know what is the maximum price for share buyback？

Posted by balvin71 > 2016-06-20 18:25 | Report Abuse

You're Welcome.

On the share buyback, last was in April 0.98~0.985. I did ask at the meeting to support the share to 1.57. They said can only buyback if they feel the stock is undervalued. As cannot be seen by bursa that they are manipulating the share price. BOD feel that in the near future, share will go up on its own.

Posted by Kin Fatt Wong > 2016-06-20 18:48 | Report Abuse

Thanks a lot Balvin!

Posted by crazy127 > 2016-06-20 23:07 | Report Abuse

I :-/ Bought MAa 0.30 since 2005- ,,-I can't understand nobody buy during 0.30????

Posted by crazy127 > 2016-06-20 23:09 | Report Abuse

MAA lowest price is 0'25by 2005----I only bought 100k....I should buy 1000k by that tm

Posted by balvin71 > 2016-06-21 07:44 | Report Abuse

Crazy127, excellent returns!!! I can't understand why people still not buying, yesterday down 0.01 after a lot of info was released at the AGM. Should be going up.

Posted by michael_lee > 2016-06-21 08:58 | Report Abuse

Are they gonna continue paying yearly interim and final dividends after the sale of maat?

Posted by moneycashrich > 2016-06-21 10:18 | Report Abuse

Excuse me, I do not know any price of 25 sen in 2005. Please advise. My price bought is from 40sen onwards. You must be lucky one.

Posted by balvin71 > 2016-06-21 13:23 | Report Abuse

Wow!! Both of you guys are very lucky and have a long-term investment strategy. Now being rewarded for your patience.

Posted by Markus Lee > 2016-06-21 13:58 | Report Abuse

@Kin Fatt Wong : Under Bursa Securities’ Listing Requirements governing purchase of own shares by listed corporations, MAAG may only purchase its own shares listed on Bursa
Securities at a price which is not more than fifteen per cent (15%) above the weighted
average market price of the Shares for the five (5) market days immediately before
the date of the purchase(s).

Since all the resolutions were approved, MAAG can purchase at any time up to ten percent
(10%) of the issued and paid-up ordinary share capital of the Company

MAAG will or should accelerate its share repurchases in greater magnitude.
After collectively paid almost RM6million a year, just remind them (BOD) that they owe fiduciary duty of loyalty and duty of care to the company and its shareholders. I think we will see more shares buyback from now on. They should not delay value creation for shareholders.

May I ask if there were many shareholders attended the AGM on Monday? Roughly how many? Thanks.

Posted by balvin71 > 2016-06-21 15:47 | Report Abuse

My guess would be about 150 people

Posted by NavinShah > 2016-06-22 07:12 | Report Abuse

How long did the meeting last?

Posted by jamesooi > 2016-06-22 14:26 | Report Abuse

MAAG Share price has been trending up from 60sens to 70sens to 80sens to 90sens to RM1.00 and RM1.28 and now closing price on 21/06/2016 is RM1.15 per share.
MAAG chart on 21/06/2016 with the share price of RM1.15 per share and shows bullish and strong uptrend.
Invest in MAAG shares, it is a patience game due to good news only that the share price can fly. But I know i invest in MAAG is due to sale of business and assets plays. And EGM is going to held on 28/06/2016 for the shareholders to approve the disposal of MAAT to Zurich Insurance.
Assuming you now buy into MAAG at RM1.15 per share. Once the payment of Special Dividend of RM0.35 per share by the end of August 2016. Then your investment cost of MAAG shall be adjusted to RM0.80 per share.
Based on the MAAG Annual Report 2015 page no. 193 Note no.48
The Cash & Cash Equivalents for Shareholders fund as at 31/12/2015 was RM 251,656,000-00.
The Cash & Cash Equivalents for General Takaful as at 31/12/2015 was RM 56,710,000-00,
and the Cash & Cash Equivalents for Family Takaful as at 31/12/2015 was RM48,879,000-00.
Total Cash & Cash Equivalents for the MAAG as at 31/12/2015 was RM357,245,000-00.
The Cash & Cash Equivalents after the completion of the sales of MAAT and after payment of Special Dividend of RM0.35 per share (RM102,000,000-00), the final cash balance totalling
= Shareholders fund as at 31/12/2015 was RM 251,656,000-00 plus (RM 391,750,000-00 less RM102,000,000-00= RM289,750,000-00) = RM 541,406,000-00
That translates to almost RM1.85 cash per share.

If you invested in MAAG since 2012 or 2013 up till now...with a dividend of 18 sens and counting .... on depending when you buy MAAG shares .....
Dividend 2013 - 3 sens, Dividend 2014 - 6 sens ,Dividend 2015 - 6 sens
Dividend 2016 - 3 sens and hoping to pay another 3 sens final dividend at the later date may be same as the financial year 2015…..
Many of my friends congratulated me for investing in MAAG. They knew that I was very patience and committed to MAAG for almost 5 years and counting ….. Whenever MAAG share price spike, they always ask me to sell, I told them I am still holding to MAAG because I am very bullish on MAAG.
Do you know how much MAAG is worth as a company, and i just do a simple calculation and take a few items from the balance sheet as at 31-12-2015 and 31-03-2016 and ....
I just shared with them a few simple calculation why I am still holding MAAG….
1. On 21/06/2016 MAAG share price is RM 1.15 per share.
2. Proposed Special dividend of RM0.35 per share shall be payable after completion of signing of S&P Agreement with Zurich by end of July and payment date by end of August 2016.
3. NTA as at 31/03/2016 is RM1.37 per share and adjusted with disposal of MAAT is (RM1.37 plus RM0.99 sold MAAT ( gain of RM289,517,000 divided by piad-up capital 292,692,252 shares) less RM0.35 Special Dividend payout) RM2.01 per share.
4. The Cash & Cash Equivalents at the bank of RM1.85 per share (Detail see above calculation).
5. Some BUSINESS Information during AGM 20/06/2016 at the shareholders meeting….
Once MAAT has been disposed, they will still have small core businesses that they can expand the businesses in.
1) Kasturi Tuition Center,
2) Columbus Capital,
3) MAA Genaral Insurance Philippines and
4) M&A in new businesses likes Education and Manufacturing sectors

This does not exclude the prospect of MAA being used as a target for a reverse take-over.
With the sale of MAAT, no longer classified as a Financial Holding Company, they will be out of the PN17 status and hopefully the management find some profitable businesses and will be out of PN 17 by end 2017.

I still think MAAG is undervalue stock. I do not know about you and I am still accumulating …..and I always believe that more improvement in the share price trending up in the near future and "Good things come to those who wait"

It is for education sharing only and i am not recommend anybody to buy, and if you choose to buy MAAG, it is solely your responsibility on your action.

Posted by balvin71 > 2016-06-23 08:02 | Report Abuse

I am also still accumulating. Waiting for gaji to come in to buy some more.

Posted by jamesooi > 2016-06-23 09:17 | Report Abuse

http://www.theedgemarkets.com/my/article/maa-group-venture-manufacturing-or-education-after-exiting-insurance

Posted by jamesooi > 2016-06-23 09:29 | Report Abuse

MAAG is going to move up soon....

Posted by balvin71 > 2016-06-23 11:00 | Report Abuse

Vroom.....vroom starting engine

Posted by paperplane2016 > 2016-06-23 11:07 | Report Abuse

what biz they wanna do? buy and sell company biz?

Posted by michael_lee > 2016-06-23 13:46 | Report Abuse

I really disagree on them venturing into manufacturing industry, an area they're no expert in.

Posted by jamesooi > 2016-06-23 14:19 | Report Abuse

Yes, MAAG has common shareholders in Mycron and Melewar .

Posted by balvin71 > 2016-06-24 12:13 | Report Abuse

With detariffication coming in soon, as a small player, they cannot remain competitive in the insurance industry here. If they do, won't be able to compete and cover their overheads. Fortunately, with Bank Negara not issuing new takaful licences, MAA was able to get a good price for MAAT. It is a good move to sell off MAAT now.

Posted by qingqingqing > 2016-06-24 23:02 | Report Abuse

Should buy properties and become REIT.... rather than buy industry and tuition center....

Posted by paperplane2016 > 2016-06-25 03:09 | Report Abuse

Don't be stupid. He wanna dig money. Of course continue industrial.

Posted by NavinShah > 2016-06-25 07:50 | Report Abuse

P&O maybe good alternative.
C&C can be looked into.
PETRON another good one?
BOUSTEAD HLD?
BOUSTEAD PLANTATIONS?

Posted by danny123 > 2016-06-25 22:01 | Report Abuse

Hope someone can raise up the following issues at the EGM:

1. If the proposal is approved, will the company issue new rights issue?
2. We are concerned that they may not have the expertise to run the new businesses
3. By acquiring new assets, are they confident that the authorities will approve it (come out from PN17)?
4. To increase the amount of special dividend to 60 sen instead of 35 sen.
5. If they are unable to acquire any assets within 2 years, will the company be privatized or by capital repayment?
6. Will there be a final dividend for this year?

Based on my opinion and experience, we should VOTE AGAINST THE EGM and tell the company not to buy new assets but instead, we ask the major shareholders to take the company private or by capital repayment at a reasonable price. The company has been in PN17 since 2011.

PLEASE VOTE NO AT THE EGM!

Posted by NavinShah > 2016-06-26 11:07 | Report Abuse

How to issue rights. After the special dividend the may drop 35send or maybe even more. The best is No Rights Issue. Just pay back the shareholders all the money. Delist this MAA Group Bhd. fro Bursa Malaysa.

Posted by danny123 > 2016-06-26 13:05 | Report Abuse

The company may issue rights issue when they purchase new assets. Noone will know unless we ask.

We can't ask the company to delist from Bursa. But we can ask the major shareholders to take the company private or by capital repayment. Then only it can be delisted from Bursa.

The best option for minority shareholders is to ask the company to be taken private and not to buy new assets. For this to happen, we all have to VOTE AGAINST at the EGM.

Are the major shareholders allowed to vote??

Hope you guys will ask and understand before voting at the EGM.

Posted by Markus Lee > 2016-06-26 15:30 | Report Abuse

I know most of you don't read the circular mailed to you all. I'm in the market quite a while to know most retail public investor don't read those circulars etc.

This upcoming EGM on 28 June is to ask for shareholders approval (our votes) on 2 special resolution - proposed disposal.
First is the disposal of Maa Takaful to Zurich for CASH RM393.75 million.
The second is to approve the special dividend 0.35 .

In other words, by law, the board has to ask shareholders permission to sell its takaful business and also to approve the special dividend. This is the whole purpose of the 28 June EGM.

Any dissatisfaction about OTHER matters has nothing got to do with the vote at EGM.
You can voice your anger to them. You can ask questions about its future and plan. Most of all you can express your views and opinions. I hope you all understand this.

I'm not dictating what you should vote. But please understand whats your vote about.

I would vote FOR (YES) because we (MAAG) got a bloody good price for that Takaful disposal to Zurich. Zurich will buy Maa Takaful at 4.63 times the book value ! One of the highest price sold ever in other insurance transactions in Malaysia in terms of price/book value ratio. See it as , MAAG 's book value of the Takaful is 100million. Now MAAG is selling to Zurich for CASH 463million!

The second resolution is do you want MAAG to give you 0.35 special dividend? I want. Hence I will vote FOR (YES) .


Regarding the new right issues question; why would MAAG issue any rights issue? They have plenty of cash ! Having said that, it depends if the really do acquire other business(es) in future and at what price?

In order to acquire businesses (depends on the size), the board have to ask shareholders approval/permission (at another EGM... in future).

I think the most efficient way to create value in MAAG situation after they got money from Zurich etc is just to break the company up and return the money to its shareholders. That means go and liquidate MAAG. Then we will get back RM2.01 (post the 0.35 special dividend) per share.

Will the board do that? I still hope they will. I know I'm dreaming big.

I have said before, i SUSPECT TY will make voluntary general offer to all shares not owned by him in 2017. The big question is AT WHAT FUCKING PRICE HE WILL OFFER TO BUY??

MAAG NAV will be RM2.01 after the 0.35 special dividend.

Will TY make an offer at RM2.01 (best case scenario) ?

Judging from other buyout offers (such as ECM LIBRA, HWANG CAPITAL ).... i think it's going to float somewhere like those nonsense kind of offer price. The typical bullshit of "NOT FAIR BUT REASONABLE" price. Malaysian companies are very used to this shameful nonsense of corporate governance (exploiting and take advantage of minority shareholders). Lets say, i guess he will offer to buy our shares at RM1.60 (20% discount to NAV of RM2.01). Please vote AGAINST then. IF the board ever come up with such nonsense proposal, let's all then group up all the minority shareholders and file a class action appraisal suit against the board. The good thing about MAAG shareholding is it is very fragmented and only ONE big shareholder.

Posted by Anderson63 > 2016-06-26 16:07 | Report Abuse

Major shareholders are not foolish. I agreed with you that they are able to selling their assets at good price. There is just one resolution. if you vote YES, we are allow the company to spend 300 MM to buy any assets as their wish.. If vote NO, the minority shareholders are able to negotiate a better proposal to the company eg. by paying higher dividend 0.60 cents, go for capital repayment or privatize the company. If the vote AGAINST approve, then the company will call for 2nd AGM and take into our proposal consideration.

Via versa, if minority share holders have vote YES, then we will no any further negotiation power.

Please consider to vote against this EGM.

Posted by Anderson63 > 2016-06-26 16:09 | Report Abuse

Special dividend at 0.30 cents is a sweeten for their proposal. This is my concerns.

Posted by Cipta > 2016-06-26 16:13 | Report Abuse

up to this point, i think MAAG BOD do a great job by selling MAA, MAA unit trust and MAA takaful at a good price. They do distribute the profit to the shareholder. They close down losing business in Indonesia and buy a profitable business in Australia.

After disposing takaful and come out from BNM regulation, leaving PN17 is a matter of time. At the same time, privatization becomes possible to the major shareholder but that's another story. For the current affair, I will vote Yes for the two resolutions in upcoming EGM if you really care your investment and read the agenda as like Markus said.

Posted by moneycashrich > 2016-06-26 17:07 | Report Abuse

I support a YES.