Thursday, April 7, 2011

MAA Holdings denies report on sale of unit to Zurich for RM1.2b

KUALA LUMPUR: MAA HOLDINGS BHD [ ] (MAAH) denies that it is poised to sell a 70% stake in its unit Malaysian Assurance Alliance Bhd to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.
MAAH said after market close on Wednesday, April 6 that it was still in discussions on the disposal of MAAB to Zurich Insurance.
Its share price surged 22 sen to RM1.20 with 73.76 million shares done.
In its statement to Bursa Malaysia, it said: “At this point in time, the company has yet to reach an agreement with regards to this matter.
“The company therefore wishes to deny the statement in the said article (which appeared in a local daily) which makes reference that the company is poised to sell 70% of MAA to Zurich for an estimated RM1.2 billion,” it said.
MAAH said the company will make the necessary announcement in due course on further developments.

Written by Joseph Chin of   
Wednesday, 06 April 2011 18:12

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