Posted by Sy Woon > 2016-05-06 16:41 | Report Abuse

I think monday hv a show..m

Posted by Markus Lee > 2016-05-09 16:38 | Report Abuse

http://www.thestar.com.my/business/business-news/2016/05/09/maas-growing-cash-pile-fails-to-boost-share-price/

I'm not preaching that equities should trade above or near at its NAV. In fact, if i go by that rule, there are many other stocks on Bursa trade below its NTA. Many. So MAA is really not unique in that sense.

But when company trades in much deep discount to its net cash reserve, with no debts and only small portion of other illiquid investment/assets (which may go down or up in value...) ,I feel that it is a good bet that highly unlikely to go wrong. In fact if they sell their Philippines insurance arm, i think it will be a premium ; not just book value.

Again, is MAA really a unique case? No. For sure its not first time this had happened. In fact, its quite common. Let's ake only Bursa listed companies. Also, let's restrict and narrow down to much more similar industry (insurance or finance related). I've mentioned in my previous post about the Kenanga bought ECM Libra. There has been few consolidations or mergers&aquisations of financial related companies in recent years. RHB bought OSK. Pacific Mas Bhd insurance sold to OCBC Bank. Affin Bank bought Hwang DBS 's core business.

Lets take Affin and Hwang DBS precedent since it was only in 2014. Hwang declared almost all the net profit accrued from the sales of its core business to Affin to its shareholders. Like MAA, they want to maintain listing status and is on lookout to acquire business. They requested for extension recently. Yes, it trades below its NTA too. But the discount is not as deep as MAA case.

I believe the price will come to its equilibrium , lesser discount to reflect fairer value.
To me, best case scenario; MAA privatised. Worst case scenario, the board manage to get shareholders' approval to acquire some "donkey" business or to bail out his steel mills (but then lately his steel listed stocks soared in price for God-knows-why). And purposely delaying while still withdrawing salary of millions for doing nothing (running a cash company). Maybe this is the reason for its huge discount now.

Maybe, we should all attend the EGM and send a clear message to the board "Please be kind, generous and reward your shareholders that have been patient and faithful all these years. You have done a great job. Thank you. Please retire in Bali, at the Nagasutra villa which bought under MAA."

Posted by theong > 2016-05-09 20:19 | Report Abuse

I hope this year I can attend.

Posted by spectre007 > 2016-05-10 01:27 | Report Abuse

Wah... where did u listen to this? Macam 2 different businesses

Posted by dompeilee > 2016-05-10 14:12 | Report Abuse

Still 40% up on my cost, even without factoring the many dividends paid to me since 2013 :D

Posted by Sy Woon > 2016-05-10 14:41 | Report Abuse

In vvip room already... fk

Posted by Sy Woon > 2016-05-11 09:57 | Report Abuse

1.15 keep eating ...what means about this?

Posted by wellcept > 2016-05-11 15:09 | Report Abuse

awaiting take off???

Posted by jamesooi > 2016-05-11 16:24 | Report Abuse

Why, MAAG is still trading at RM1.15 per share due to PN 17 status.
Only retail players are buying the stock. Institutional buyers are not allow to buy MAAG due to PN 17 status.

This stock is very much undervalue and i am very bullish in MAAG.

Posted by theong > 2016-05-11 17:05 | Report Abuse

Let see tomorrow price.

Posted by michael_lee > 2016-05-11 17:22 | Report Abuse

Anything to happen tmr? The price tends to go up after ur comments hahah

Posted by michael_lee > 2016-05-11 17:23 | Report Abuse

Or any major announcement

Posted by jamesooi > 2016-05-11 19:54 | Report Abuse

Now the dust has settled down regarding the speculation on how much MAA Takaful is worth and how much Zurich willing to pay for MAA Takaful.
So, We knew the Proposed Disposal of MAA Takaful for Cash consideration of RM 393,750,000-00 to Zurich subject to signing of S&P Agreement. (it will take 3 to 6 months for the signing of the S&P Agreement)

Many retail investors are wondering what to do with MAAG, Many of my friends keep telling to sell MAAG due to price already up so much. So, what is your decision ?? to hold or to sell MAAG in the near future …. now or in 1 month, 2 months, 3 months or more or hold until the full exercise completed by the MAAG management ………..

For me, I am very very bullish about MAAG due to the following points…….
Point 1. the Proposed Disposal of MAAT for Cash consideration of RM 393,750,000-00,
Point 2. Announcement of the Special Dividend of RM0.35 per share to be paid out upon completion of S&P Agreement of MAAT. (it will take 3 to 6 months for the signing of the S&P Agreement)
Point 3. 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) = RM 543,406,000-00
That translates to almost RM 1.87 cash per share.
Point 4. MAAG has an NTA per share as at announcement of the disposal of MAAT is RM2.01.
Point 5. Good track record of Dividend payment by the Major shareholders due to he is also like us, in need of money to finance his other businesses and expenses..
During this period, as a minority shareholder, if you invested in MAAG , you would have make a lot of money if you invested the share from 2012 of 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 on later date may be same as year 2015…..

Point 6. MAA chart on 2016 shows bullish and strong uptrend and the share price at the highest point was RM1.28 per share and now at RM1.14 – RM 1.16 per share, still show strong 4 to 5 years uptrend compare to other goreng counters.
Share price has been trending up from 60sens to 70sens to 80sens to 90sens to RM1.00 and now at RM1.14 to RM1.28 per share.

Point 7. Invest in MAA shares, it is a patience game due to good news only that the share price can fly. But this MAAG is an assets play due to sale of business. it takes time to completed the Company restructuring for the sale of the business.

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

Posted by spectre007 > 2016-05-11 20:02 | Report Abuse

Good write up... I'm with you... there for the long haul

Posted by balvin71 > 2016-05-12 08:12 | Report Abuse

Agreed.....I am still holding and am still accumulating. Bought some more at RM1.18 and, 2 days ago, at RM1.15. Very little money left in my bank account.....all in MAA shares. That is how bullish I am on this share. In 3 to 6 months time, hoping to have made good returns!

Posted by jamesooi > 2016-05-12 09:24 | Report Abuse

Now the dust has settled down regarding the speculation on how much MAA Takaful is worth and how much Zurich is willing to pay for MAA Takaful.
So, We knew the Proposed Disposal of MAA Takaful for Cash consideration of RM 393,750,000-00 to Zurich subject to signing of S&P Agreement. (it will take 3 to 6 months for the signing of the S&P Agreement)

Many retail investors are wondering what to do with MAAG, Many of my friends keep telling to sell MAAG due to price already up so much. So, what is our decision ?? to hold or to sell MAAG in the near future …. now or in 1 month, 2 months, 3 months or more or hold until the full exercise completed by the MAAG management ………..

For me, I am very very bullish about MAAG due to the following points…….
Point 1. the Proposed Disposal of MAAT for Cash consideration of RM 393,750,000-00,
Point 2. Announcement of the Special Dividend of RM0.35 per share to be paid out upon completion of S&P Agreement of MAAT. (it will take 3 to 6 months for the signing of the S&P Agreement)
Point 3. 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) = RM 543,406,000-00
That translates to almost RM 1.87 cash per share.
Point 4. MAAG has an NTA per share as at announcement of the disposal of MAAT is RM2.01.
Point 5. Good track record of Dividend payment by the Major shareholders due to he is also like us, in need of money to finance his other businesses and expenses..
During this period, as a minority shareholder, if you invested in MAAG , you would have make a lot of money if you invested the share from 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 on later date may be same as year 2015…..
Point 6. MAA chart on 2016 shows bullish and strong uptrend and the share price at the highest point was RM1.28 per share and now at RM1.14 – RM 1.16 per share, still show strong 4 to 5 years uptrend compare to other goreng counters.
Share price has been trending up from 60sens to 70sens to 80sens to 90sens to RM1.00 and now at RM1.14 to RM1.28 per share.
Point 7. Invest in MAA shares, it is a patience game due to good news only that the share price can fly. But this MAAG is an assets play due to sale of business. it takes time to complete the Company restructuring for the sale of the business.

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

Posted by jamesooi > 2016-05-12 09:36 | Report Abuse

Many of my friends congratulated me for investing in MAAG. They knew that I am very patience and committed to MAAG for almost 5 years already. Whenever MAAG share price spike, they always asking me to sell, I told them I am very bullish on MAAG. They wanted to know why I am still holding MAAG.
I just shared with them a few simple calculation why I am still holding MAAG….
1. Now share price is around RM 1.14 to 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 in next 6 months…
3. NTA is all time record at RM2.01 per share.
4. The Cash & Cash Equivalents for Shareholders fund after disposal of MAAT and payment of special dividend of RM0.35 per share with a balance of RM RM 543,406,000-00 which equivalent of RM 1.87 per share.
5. Even with all the feel good news announcement by the Management for all the events for the last 1 year, the share price hardly move and still hover at RM1.15. It is due to PN 17 status and only retail investors like you and me with the strong heart are willing to invest in MAAG even it is a PN17 status company.
6. Many retail investors heard MAAG of the PN 17 status. They ran away from this stock. Institutional investors also were not allowed to invest in a PN 17 status company. That is why one of the reason MAAG is so slow in response to good news and the share price move up very slowly.
7. Assuming you now buy into MAAG at RM1.15 per share. Once the payment of Special Dividend of RM0.35 you receive in the near future in less than 6 months. Then your investment cost of MAAG has come down to RM0.80 per share. You knows that MAAG has a NTA – RM2.01 per share and the Cash & Cash Equivalents at the bank of RM1.87 per share.

I think MAAG is very very undervalue and I consider this stock is really a lelong stock. I do not know about you and I am still accumulating the stock…..and I am still a shareholder of MAAG.

Going forward, this could be very exciting for the shareholders to see more improvement in the share price trending up and something good is coming and "Good things come to those who wait"

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

Posted by michael_lee > 2016-05-12 15:44 | Report Abuse

Theong seems to know something big is coming today

Posted by Markus Lee > 2016-05-12 18:06 | Report Abuse

To the minority shareholders of MAAG:

The shareholdings for MAA are very fragmented. There are no local funds except one from overseas. The rest are individuals, hence they are very dispersed. Beside the only single largest shareholder (TY) who owns 36.6%, the rest all own less than 5%. In the latest Annual Report2015 there are new unnamed shareholders emerged compare to previous years 2014AR and 2013AR in the List of Top 30 Shareholders. They hold to near 2%. They could be anyone or any of the directors bff that might act as party in concert. I don't think so because this might mean breaching those insider trading rules. Still those shareholdings are small .

The question that daunt me at first is, can TY use the cash in MAAG to buy his steel company (Melewar Industry Group Bhd and Mycron Bhd) with whatever corporate takeover/merger? According to the relevant guidelines and rules, MAA needs to gain the approval of 50% of its shareholders if it is the acquiror. TY holds 36.6%. Assuming the shares buyback program goes into full force (accumulate 10% of the share capital, his share will be 40%).

I will vote no. And I write to all minority shareholders to vote no and file to SC,Bursa & MSWG. I don't think any of the other shareholders will vote yes anyway. Worst case, we can sue the company and the directors for breaching fiduciary and statutory duties if for any reasons a nonsense proposal were ever brought to vote. After collecting good salaries of RM5850148.00 per year; Page 37 of MAAG AR2015, I hope the board of directors continue perform their obligation to protect and enhance the investment of all shareholders. I applaud them for the sale of the MAA Takaful which is a great development to MAAG. I really thank the board for good job done.

Be it as it may, even if such nonsense proposal were ever brought up by the board, TY cannot vote for such proposal (if it is to buyout Melewar Steel or Mycron Steel). Bursa Malaysia previously in Oct 2014 rejected the EPF from voting in the proposed merger of RHB Capital Bhd , CIMB Group Bhd and Malaysia Building Society Bhd. Bursa said that by virtue of the EPF being a common major shareholder in all three affected companies, as well as the single-largest shareholder of both RHB Cap and MBSB, there existed a potential conflict-of-interest situation, whereby the EPF may be able to influence the proposed merger for its own benefit. So, by virtue of TY being a common major shareholder in the affected companies as well as being the single largest shareholder of MAA, Melewar or Mycron, there exists such a potential conflict of interest situation, where TY may be able to influence the proposed merger to its own benefit; if it ever brought up.

So, I don’t think this will be an issue for us to worry. Sorry Melewar & Mycron shareholders. (Lately both counters have soared)

The next question is what does the board want to do with all MAAG money if not return them to the shareholders? (35sen of special dividend;RM102million is very little relatively to its swelling cash reserve). Perhaps, as reported,this uncertainty of the company’s direction cause the deep discount of its valuation. Regardless of its “direction”, I strongly believe it is an irrational market behaviour that grossly undervalue MAAG share price.

What business does the board want to acquire? For sure is not finance related company. Property? Power generation? Honestly I don't know. In fact, I don't think the board have anything in mind too. I doubt they will find any undervalued and good companies to buy in the next 24 months period. (I’ve mentioned in my previous post that Hwang Capital Bhd is kinda in similar path after selling their core business to Affin). I think maybe they just want to buy some time while happily withdrawing salaries and fees. I mean it is not illegal. I'm not sure yet what legal rights we have as minority shareholders if we want to stop this. In fact it is too early to guess or suspect what the board will do. The official announcement of the Takaful sale is just 2 weeks old.

I hope you all will attend the AGM and the EGM (in future) to ensure that your voices are heard. Ask the board to engage methods that can remove the substantial discount at which the shares trade and its net asset value (NAV). Buyback more shares, more aggressive than before. The board should step up efforts to narrow the discount to the NAV.

There are other options to narrow the gap which I’m sure Datuk Umar knows. You can hire me as your advisor if you don’t know what I mean, Datuk Umar. Thank you.


PS: In the matter of full disclosure, I bought more MAAG shares yesterday on 11 May at RM1.15
And of course I believe MAAG is ripe for take-over.

Posted by theong > 2016-05-12 18:46 | Report Abuse

I will certainly vote No if any of the corporate takeover/merger of Melewar & Mycron by MAA.

Posted by moneycashrich > 2016-05-12 19:54 | Report Abuse

Thanks to Jamesooi and Markus for u enlightment and updates.

Posted by balvin71 > 2016-05-12 21:20 | Report Abuse

Me too. Will vote NO. Since business has been sold, anyway to reduce number of board members and their million ringgit salaries? Should we vote NO to re-election of directors at AGM next month?

Posted by Cipta > 2016-05-17 23:24 | Report Abuse

Based on multi proposal on 4 May, page 14, the NA after 35 cent special dividend is RM2.01 and the cash and cash equivalent is 59.7% which translate to RM1.20/share after special dividend.
Today closing price of RM1.15 is lower than its cash level.

There is a total of RM290,489,000 cash from the disposal of MAA Takaful is planned for investment in three years (RM196,739,000 must be utilized in 2 years) translate to RM0.99/share. If this RM196,739,000 be keep in the bank for 2 years with interest rate of 2.5%, it would get RM9.95mil interest equal to 3 cent/share.

Posted by jamesooi > 2016-05-26 13:16 | Report Abuse

Market price at RM1.12 and soon to declare special dividend RM0.35 and you are just paying for RM 0.77 per share for MAAG and future NTA is RM1.97 per share.
I know what you are thinking but and i am still collecting

Posted by balvin71 > 2016-05-27 21:22 | Report Abuse

Have to wait for the announcement. I had initially speculated that they will hold the EGM together with the AGM on the 20th of June. But so far no announcement.

Posted by jamesooi > 2016-05-30 18:00 | Report Abuse

MAAG current price today is RM1.13 and soon to declare special dividend RM0.35 per share and you are just paying for RM 0.78 per share for MAAG. If the dividend policy of MAAG continue for RM0.06 per year, the future dividend yield is 7.69% per year.

I think MAAG is very very undervalue and I consider this stock is really a lelong stock. I am still accumulating the stock…..and I am a shareholder of MAAG.

Posted by Cipta > 2016-06-01 09:59 | Report Abuse

perhaps you should worry about privatization too. With lower price, the "independent" consultant will say the offer price by major shareholder is Unfair But Reasonable and ask the minority to accept the take over. If this so, what is the next action you guys who claim as value investor will do?

Posted by jamesooi > 2016-06-02 10:35 | Report Abuse

Now i see MAAG share price is easy manipulated due to lack of script in the market. It is going to one way direction UP soon.

Posted by balvin71 > 2016-06-02 13:19 | Report Abuse

Navin, the deal is still on. Bank Negara not issuing any new Takaful licence. That is why the licence is very valuable and Zurich has to pay a premium.

Looking at the automotive general insurance, the takaful business is experiencing double digit growth rate. Most banks are now doing Islamic loans.

If Zurich, remember they have first right of refusal since they bought MAA conventional insurance sometime back, not interested to buy, others, like Allianz, will want to buy. Zurich, like us, waiting for the EGM.

BTW what made you think the deal is off? Anything you heard? Or just worried?

Additionally, Yes, there is always the risk of Directors/Major Shareholders screw minority, that is a given, if you cannot stomach it, stay away from the stock market!!! Always do your homework and go in only if you have confidence with minimum risk.

Posted by rohank71 > 2016-06-02 22:46 | Report Abuse

wah got private info too?

Posted by theong > 2016-06-03 07:31 | Report Abuse

Time to get more.

Posted by moneycashrich > 2016-06-03 12:06 | Report Abuse

Look like share is available now at RM1.16. No more cheap sale for now.

Posted by moneycashrich > 2016-06-03 12:12 | Report Abuse

Difficult to buy low prices now. Can buy at high price.

Posted by balvin71 > 2016-06-03 13:09 | Report Abuse

Navin, share with everyone here-lah. This way can get more ideas/inputs from all forum members, especially some of the Sifus.

Posted by balvin71 > 2016-06-03 18:00 | Report Abuse

EGM 28th June. Stock will start going up next week. Huhuhu!!!

Posted by theong > 2016-06-03 21:33 | Report Abuse

MAA GROUP BERHAD
(Company No. 471403-A)
(Incorporated in Malaysia under the Companies Act, 1965)
NOTICE OF EXTRAORDINARY GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Extraordinary General Meeting (“EGM”) of the Company will be
held at Crystal Function Room, 4th Floor, Mutiara Complex, 3½ Miles, Jalan Ipoh, 51200 Kuala Lumpur
on Tuesday, 28 June 2016 at 10.00 a.m., or at any adjournment thereof, for the purpose of considering,
and, if thought fit, passing the following special resolution, with or without any modifications:-
SPECIAL RESOLUTION
PROPOSED DISPOSAL BY MAA GROUP BERHAD (“MAAG” OR “COMPANY”) OF ITS ENTIRE 75%
EQUITY INTEREST IN MAA TAKAFUL BERHAD (“MAAT”) TO ZURICH INSURANCE COMPANY LTD
(“ZURICH”) FOR A CASH CONSIDERATION OF RM393.75 MILLION SUBJECT TO ADJUSTMENTS
(“PROPOSED DISPOSAL”)
“THAT subject to the fulfilment of the conditions precedent as set out in the Conditional Share
Purchase Agreement dated 4 May 2016 entered into between MAAG, Zurich and Solidarity Group
Holding BSC (Closed) (“SPA”), approval be and is hereby given to the Company to dispose of its entire
75% equity interest in MAAT, representing 75,000,000 ordinary shares of RM1.00 each in MAAT, to
Zurich for a cash consideration of RM393,750,000 subject to the terms and conditions as stipulated
in the SPA;
AND THAT the Directors of the Company be and are hereby empowered and authorised to take
all steps and to enter into and execute all other agreements, undertakings, indemnities, transfers,
assignments and/or guarantees with any party or parties as the Directors may deem fit, necessary,
expedient and/or appropriate in order to implement, finalise and give full effect to and complete
the Proposed Disposal with full power to assent to any condition, revaluation, modification, variation
and/or amendment as may be required by any relevant authorities and to do all such acts and things
as they may consider necessary or expedient in the best interest of the Company.”
BY THE ORDER OF THE BOARD
YEO TOOK KEAT (MIA NO. 3308)
LILY YIN KAM MAY (MAICSA NO. 0878038)
Company Secretaries
Kuala Lumpur
6 June 2016
Notes:-
1. Applicable to shares held through a nominee account.
2. A member entitled to attend, speak and vote at a meeting of the Company is entitled to appoint not
more than two (2) proxies to attend, speak and vote in his/her stead. A proxy may but need not be a
member of the Company, and the provision of the Section 149(1)(a) & (b) of the Companies Act, 1965
(“the Act”) shall not apply to the Company.
3. Where a member appoints two (2) proxies, the appointment shall be invalid unless he/she specifies
the proportion of his/her shareholdings to be presented by each proxy.
4. Where a member is an Exempt Authorised Nominee which holds shares in the Company for multiple
beneficial owners in one securities account (“omnibus account”) as defined under the Securities
Industry (Central Depositories) Act, 1991, there is no limit to the number of proxies which the Exempt
Authorised Nominee may appoint in respect of each omnibus account it holds.
5. The instrument appointing a proxy, shall be in writing under the hand of the appointer or his attorney
duly authorised in writing, and in the case of a corporation, either under seal or under hand of an
officer or attorney duly authorised.
6. The instrument appointing a proxy must be deposited at the Company’s registered office, Suite 12.03,
12th Floor, No. 566, Jalan Ipoh, 51200 Kuala Lumpur, not less than forty-eight (48) hours before the
time appointed for holding the meeting or any adjournment thereof.
7. Any alteration in the form of proxy must be initialled.
8. Form of Proxy sent through facsimile transmission shall not be accepted.
9. For the purpose of determining a member who shall be entitled to attend this EGM, the Company
shall be requesting Bursa Malaysia Depository Sdn Bhd in accordance with Articles 79(a), 79(b) and
79(c) of the Company’s Articles of Association and Section 34(1) of the Securities Industry (Central
Depositories) Act, 1991 to issue a General Meeting Record of Depositors as at 21 June 2016. Only a
depositor whose name appears on the Record of Depositors as at 21 June 2016 shall be entitled to
attend, speak and vote at the said meeting or appoint proxy(ies) to atte

Posted by jamesooi > 2016-06-06 09:24 | Report Abuse

Ho Ho Ho,it is go up and up and up and up .....from now...

Posted by theong > 2016-06-06 17:58 | Report Abuse

Expected special dividend on Mid Aug if all get the approval.

Posted by jamesooi > 2016-06-07 19:04 | Report Abuse

EGM for the Proposed Disposal is on 28 June 2016.
Expected Completion of the Proposed Disposal by July 2016.
Expected Entitlement date of the Proposed Special Dividend RM0.35 per share by Mid-August 2016.
Expected Payment date and completion of the Proposed Special Dividend by End-August 2016.

MAAG Board expects the Proposals to be completed by the third quarter of 2016.

This information is extract from pg 19 of the MAAG Circular dated on 6th June 2016 to the Shareholders.

Posted by moneycashrich > 2016-06-08 11:19 | Report Abuse

Thanks Jamesooi and theong for u updates and info.

Posted by michael_lee > 2016-06-09 11:50 | Report Abuse

Will there be a 2nd interim dividend of 3sen or no more since they're selling/sold off maat

Posted by jamesooi > 2016-06-09 12:07 | Report Abuse

if you invested the MAAG share since 2013 up till now...with a dividend of 18 sens and counting .....
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 on later date may be same as year 2015…..
I see no reason why the dividend policy not continuing as I also expect another 3 sens or more coming after Special Dividend payment completion.

Posted by jamesooi > 2016-06-09 12:33 | Report Abuse

if you bought your MAAG since 2012 or 2013 and hold on to it , once you collect your Special Dividend of RM0.35 per share by end of August 2016, you will probably recover all your cost of investment in MAAG. MAAG shall become FREE SHARE.

Posted by NavinShah > 2016-06-10 10:48 | Report Abuse

Provided you bought cheap. They are few who are buying now. Blogs are talking this counter will be over RM1-80 after the special dividend? Am I right, please guide you all knowledge able person/s.

Posted by balvin71 > 2016-06-12 09:58 | Report Abuse

I think, easily will go over RM1.80 once we get closer to the ex-date in Mid-August.

Once MAAT has been disposed, they will still have a 4 running businesses.
1) Kasturi Tuition Center,
2) Indopelangi,
3) MAA Genaral Insurance Philippines,
4) Columbus Capital

If they can focus and increase the revenue and profits of these businesses, with the sale of MAAT, no longer classified as a Financial Holding Company, they will be out of the PN17 status.

This does not exclude the prospect of MAA being used as a target for a reverse take-over. To me, the stock is still under valued at the current level.

Posted by NavinShah > 2016-06-12 11:58 | Report Abuse

Thank you very much for your detailed reply. I now understand.

Posted by moneycashrich > 2016-06-13 10:50 | Report Abuse

MAA so far so good. Sell? Wait ? Accumulate more?

Posted by balvin71 > 2016-06-15 07:56 | Report Abuse

I am waiting for gaji to accumulate more before the RM0.35 dividend announcement. Please sell at the end of the month so I can buy cheap! Hehehe

Posted by jamesooi > 2016-06-15 09:05 | Report Abuse

Support price is between RM1.14 - RM 1.17 and it is not easy for the price to drop further due to news that Proposed Special Dividend of RM0.35 per share by Mid-August 2016.
Expected Payment date and completion of the Proposed Special Dividend by End-August 2016.

Posted by Markus Lee > 2016-06-15 15:04 | Report Abuse

Maybe someone can create a Facebook Group for MAA minority shareholders. The rest of the shareholders are all minority (holding less than 5%) and fragmented. We can see how many shareholdings in total those in concerns are holding.

Some important percentage numbers

5% - substantial shareholding level which requires the holder to disclose its
substantial shareholding to the company, the SC and the stock exchange. Any
change in interest and cessation of substantial shareholding is also required to be
disclosed;
over 10% - the holder may block compulsory acquisition;
over 25% - the holder may block special resolutions of the company; takeover guide - malaysia
33% - threshold for triggering the mandatory offer;
over 50% - a mandatory offer ceases to be conditional;
75% - holder can ensure special resolutions are passed;
over 75% - the minimum public float required for companies listed on the stock
exchange may not be satisfied;
90% - generally, confers the ability to compulsorily acquire the remaining shares
in the target company;
90% - trading of the shares may be suspended by the stock exchange. The
shares may also be de-listed by the stock exchange.

I am only SLIGHTLY concern about what TY will do LATER on. I suspect after all the proposals are finalised... TY will make voluntary take over offer (maybe in 2017) at a price relatively 'much' discounted to NAV. "Not fair but reasonable" that kind of bullshit we are familiar with in Malaysia corporate scene. I'm just speculating. Anyway being an insurance investor, i also like to hedge on all probable circumstances. Like insurance re-insure their risks. :)

Why i think he will make voluntary take over later on? Long story short. I am speculating that he will follow Hwang's path in the recent take over offer in HWANG CAP BHD. Something similar. You can google more stories about Hwang Capital after they sold their core business to Affin.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5099609

Is Melewar new to this cheap buyout kind of thing? Nope. In 2008 Melewar tried to take over M3nergy Bhd but unsuccessful. Can read the story here...
http://whereiszemoola.blogspot.my/2010/07/that-unfair-offer-on-m3nergy.html
MAAH was notorious in corporate scenes before already. MAAH screwed up big time in bad investments previously, left it no choice but to sell its general insurance to Zurich too in 2011 to survive. http://www.ram.com.my/ratingannouncements.aspx?id=1338

Ok.. that's HISTORY. Now MAAG is very healthy and has lots of money. Very attractive balance sheet. Its enormous net cash position continues to grow while the company’s shares are still dramatically undervalued. Since MAAG is almost a cash company, the valuation by independent advisor should be relatively straight forward. There shouldn't be too much discount if any buyout offer arises in future coz its assets are mainly cash. Honestly, I don't know how the board want to play this out yet. I am willing to wait and see.

For those of you who is attending the AGM and EGM, ask the Board to accelerate and increase the magnitude of share buyback. With such an enormous valuation gap and such a massive amount of cash on the balance sheet, there is no reason why the board would not move more aggressively to buy back share. We must have a board whose primary concern is enhancing the value of shareholders.

Anyway so far all is good. I will hold MAAG. I've just bought more. I think MAAG is deeply undervalued and its low valuation did not match its balance sheet but rather reflected "investor concerns" and also the fact that the market "simply don't get it" yet.

" If you own a stock that you think is worth $10 a share, and I also own that stock and I think it's worth $20 a share, I can try to convince you that I'm right. I can make predictions about the company's future prospects and earnings, and build a discounted cash flow model to prove that the stock really is worth $20. And you can make different assumptions about the future, and build different models, and try to convince me that $10 is the right number. But this is all kind of DUMB. I should just pay you $12 for your shares. Then you get paid more than you think the stock is worth, and I get stock that I think is worth more than I paid, and we never have to discuss it. This is called the efficient markets hypothesis.

This is such a good and pleasant way of avoiding discussion that it is the principal way that people in finance make arguments. Mostly when investors think a stock is going to go up, they buy the stock. The buying is the argument. "