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Thursday, 5 May 2016

Malaysia: MAA sells takaful biz for RM394mil, declares special dividend of 35 sen

KUALA LUMPUR: MAA Group Bhd (MAAG) and Solidarity Group Holding BSC (Closed) are selling their combined 100% interest in MAA Takaful Bhd for RM525mil in cash to Zurich Insurance Co Ltd.

The financial services group told Bursa Malaysia that they had on Wednesday signed a conditional share purchase agreement with the Swiss insurance company.

MAAG, which owns 75% equity interest in MAA Takaful, will receive RM393.75mil for its stake.

MAAG and Solidarity had last week received the approval of the Finance Minister, vide a Bank Negara Malaysia letter dated April 27, for the proposed disposal.

Subsequent to the completion of the proposed disposal, the MAAG board proposes to declare an interim special dividend of 35 sen per MAAG share on an entitlement date to be determined and announced later.

The total amount under the proposed special dividend will be payable out of the disposal consideration.

The proposed special dividend will amount to about RM100.8mil computed based on the current issued and paid-up share capital of MAAG.

MAAG shares closed unchanged on Wednesday at RM1.06, with 1.127 million shares traded.

(The Star Online / 04 May 2016)
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Pakistan's Summit Bank eyes Burj Bank for Islamic banking entry

May 3 Summit Bank has received approval from Pakistan's central bank to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale.
The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit Bank, which is planning to convert its operations to conform to Islamic principles that include bans on interest and gambling.
Burj Bank, one of the country's five full-fledged Islamic banks, held 4.4 billion rupees ($42 million) in paid up capital as of December, compared with the regulatory minimum of 10 billion rupees.
Last month, Burj Bank said it had shortlisted three financial institutions to conduct due diligence on a non-exclusive basis. It also received an extension from the central bank to meet the mimimum capital requirement until June 30.
The Islamic lender has previously attracted interest from state-owned National Bank of Pakistan and MCB Bank Ltd , both conducting their own due diligence in 2014, but a sale has not materialised.

The largest shareholders of Burj Bank are Bahrain's Bank Alkhair with a 37.9 percent stake and the Jeddah-based Islamic Corporation for the Development of the Private Sector, which holds a 33.9 percent stake. 

(Reuters / 03 May 2016)
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