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| Salam Aidil Adha Kepada Semua |
Monday, October 7, 2013
Sunday, September 15, 2013
NEWS about Maa
MAA Group, Zurich settle longtime dispute
Posted on 25 July 2013 - 05:38am
PETALING JAYA (July 25, 2013): MAA Group Bhd, controlled by
the Melewar group, which is linked to the Negeri Sembilan royalty, will finally
get to proceed with plans to buy new businesses after reaching a settlement
agreement with Zurich Insurance Co Ltd yesterday.
Under the settlement, Zurich has agreed to pay MAA Group RM103.43 million on top of the RM344 million acquisition price for MAA Group's interest in MAA Assurance Alliance Bhd and its subsidiaries.
The RM103.43 million amount is subject to the deduction of the Senai Desaru and Domayne bonds transfer price and Prima Avenue Klang property holdback amount of RM3 million, such that the net amount payable by Zurich into the escrow account is RM78.83 million.
However, Zurich will instruct and withhold the RM3 million until delivery of the individual strata titles for Block A of Prima Avenue Klang within three years.
In a filing with Bursa Malaysia yesterday, MAA Group said it has agreed to accept transfer of the Senai Desaru and Domayne bonds at the impaired carrying values and the deduction of the Senai Desaru and Domayne bonds transfer price from the additional consideration by Zurich.
To recap, MAA Group had disposed of its interest in MAA Assurance and subsidiaries – Multioto Services Sdn Bhd, Maagnet Systems Sdn Bhd, Malaysian Alliance Property Services Sdn Bhd and Maagnet-SSMS Sdn Bhd to Zurich in September 2011.
However, a dispute had occurred between the two companies over certain downward adjustments made to the draft completion accounts and statement of aggregate net assets value of the disposed subsidiaries.
As at April 30, 2013, there is a balance of RM131.7 million in the escrow account including interest earned on the escrow account, but excluding quarterly releases of RM18 million up to April 30, 2013.
Following the sale of MAA Assurance and its subsidiaries, MAA Group has been classified under Practice Note 17 for not having a core business. Its two remaining businesses are in MAA Takaful Bhd, an Islamic insurer, and MAAKL Mutual Bhd, a unit trust company, which are still small.
In a June 2013 interview with SunBiz, MAA Group executive chairman Tunku Datuk Ya'acob Tunku Abdullah had said under the new Islamic Financial Services Act, 2013 (IFSA), any acquisition MAA Group plans to make in future is restricted to the financial services sector.
However, he did not specify which areas of the financial sector the group plans to acquire but said, "there is not many out there anyway."
The IFSA, which came into effect on July 1, requires takaful operators holding a composite licence to operate under two separate entities with separate capital requirements.
MAA Takaful would have to split into a separate life and general takaful units, with a minimum capital of RM100 million for each company.
Under the settlement, Zurich has agreed to pay MAA Group RM103.43 million on top of the RM344 million acquisition price for MAA Group's interest in MAA Assurance Alliance Bhd and its subsidiaries.
The RM103.43 million amount is subject to the deduction of the Senai Desaru and Domayne bonds transfer price and Prima Avenue Klang property holdback amount of RM3 million, such that the net amount payable by Zurich into the escrow account is RM78.83 million.
However, Zurich will instruct and withhold the RM3 million until delivery of the individual strata titles for Block A of Prima Avenue Klang within three years.
In a filing with Bursa Malaysia yesterday, MAA Group said it has agreed to accept transfer of the Senai Desaru and Domayne bonds at the impaired carrying values and the deduction of the Senai Desaru and Domayne bonds transfer price from the additional consideration by Zurich.
To recap, MAA Group had disposed of its interest in MAA Assurance and subsidiaries – Multioto Services Sdn Bhd, Maagnet Systems Sdn Bhd, Malaysian Alliance Property Services Sdn Bhd and Maagnet-SSMS Sdn Bhd to Zurich in September 2011.
However, a dispute had occurred between the two companies over certain downward adjustments made to the draft completion accounts and statement of aggregate net assets value of the disposed subsidiaries.
As at April 30, 2013, there is a balance of RM131.7 million in the escrow account including interest earned on the escrow account, but excluding quarterly releases of RM18 million up to April 30, 2013.
Following the sale of MAA Assurance and its subsidiaries, MAA Group has been classified under Practice Note 17 for not having a core business. Its two remaining businesses are in MAA Takaful Bhd, an Islamic insurer, and MAAKL Mutual Bhd, a unit trust company, which are still small.
In a June 2013 interview with SunBiz, MAA Group executive chairman Tunku Datuk Ya'acob Tunku Abdullah had said under the new Islamic Financial Services Act, 2013 (IFSA), any acquisition MAA Group plans to make in future is restricted to the financial services sector.
However, he did not specify which areas of the financial sector the group plans to acquire but said, "there is not many out there anyway."
The IFSA, which came into effect on July 1, requires takaful operators holding a composite licence to operate under two separate entities with separate capital requirements.
MAA Takaful would have to split into a separate life and general takaful units, with a minimum capital of RM100 million for each company.
SPAIN 2013 SUMMIT CONVENTION
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| ALHAMDULILLAH walaupun challenge sehingga bulan 10..tetapi pada bulan july saya telah mencapainya |
Wednesday, August 21, 2013
Tuesday, August 20, 2013
Tuesday, July 9, 2013
REWARDS FOR NEW CONSULTANT!
Hanya Submit Rm 5,000 dalam masa 2bulan selepat register as an agent in Maa Takaful...Ipad akan menjadi milik anda....
Friday, July 5, 2013
The Cnly Company Declared SURPLUS .....Maa Takaful
The Only Company in Malaysia Declared....Surplus since 4 yrs ago..
Surplus is Mudharabah in Arabic...in bahasa is Perkongsian keuntungan diantara peserta dan syarikat..this is an additional return from your account..means that if u open account in Maa Takaful u will get 2 return which is from investment return and Mudharabah.on top of that we give the maximum protection to u and family...baru lah berserah....kepada NYA.How good Maa Takaful?
2013 REGIONAL DINNER BERJAYA TIMES SQUARE
MY BOSS!
ANAK DIDIK SAYA IMA....
MILLION DOLLAR CLUB EVERY YEAR
TOP 5 PERSONAL PRODUCER CENTRAL ZONE
ADDIN SMART PLANNER'S GROUP
MILANO....ITALY
Sensiro stadium italy..during Jeventus vs Intermilan
Milan Italy
Love Shopping @Milan
Wif Southern Maa Takaful Regional head En.Yuhada
To Venice By Train
Monday, January 21, 2013
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