Posted by Avocado_C > 2013-07-26 17:41 | Report Abuse

Bad experience with this counter, last time bought before they announced the selling of its insurance biz, make one round of handsome profit. Later became greedy as ppl said TP was going to be 2.00, so bought some more at 1.40, mana tau the actual selling price wasn't good, price dropped to 0.50-0.60, have to cut loss, very painful, this counter taught me good lesson, never forget!

Posted by nsa1958 > 2013-07-26 21:50 | Report Abuse

With reference to disclosures in the reports for the fourth quarter and financial years ended 31 December 2011 and third quarter and financial year ended 31 December 2012 on the upward adjustments of RM86.0 Million and RM5.3 Million to the sale consideration of RM344.0 Million based on the draft completion accounts received from Zurich on 30 December 2011 and the notification of disputes submitted by the Company to Zurich on 17 February 2012 disagreeing with certain downward adjustments made to the draft completion accounts (“Disputed Matters”), the Board of Directors of MAAG (“Board”) wishes to announce that MAAG has entered into a settlement agreement with Zurich (“Settlement Agreement”) today for settlement of the Disputed Matters in relation to the draft completion accounts and Prima Avenue Klang property (“PAK”) (“Proposed Settlement”).

Subject to the fulfilment of the conditions precedent set out in the Settlement Agreement, the salient terms of the Proposed Settlement include, inter-alia, the following:

(i) The parties agree and acknowledge that the final agreed additional consideration payable by Zurich shall be RM103,428,081 incorporating all adjustments on the general insurance reserves, general insurance receivables and life liabilities reserve as specified in the Settlement Agreement.

(ii) With respect to settlement of impairment dispute on Senai Desaru and Domayne bonds (“Bonds”), MAAG agrees to accept transfer of the Bonds at the impaired carrying values and the deduction of the Bonds transfer price from the additional consideration by Zurich.

(iii) The parties acknowledge that the amount of RM103,428,081 is subject to the deduction of the Bonds transfer price and PAK Hold Back Amount (as defined in (iv) below), such that the net amount payable by Zurich into the escrow account is RM78,825,822.

(iv) Zurich shall instruct and withhold an amount of RM3.0 Million (“PAK Hold Back Amount”) until delivery of the individual strata titles for Block A of PAK within 3 years period.

None of the directors and/or major shareholders of the Company and/or persons connected with them have any interests, direct and/or indirect, in the Proposed Settlement.

After having considered all aspect of the Proposed Settlement, the Board is of the opinion that the Proposed Settlement is in the best interest of MAAG.

This announcement is dated 24 July 2013.



Good or bad news to the investors?

Posted by virgogo > 2013-07-27 21:45 | Report Abuse

Without any doubt it is a positve news. The company will be closer to completion of the sale of its businessess to Zurich ie by end of Sept 2013. Another loss making unit ie the Indonesian General insurance business that is at negotiation stage for sale to a potential investor. Once this is also sold off, then the company will be in much better footing to focus on it s remaining core business of MAA Takaful and smaller business of fund management under MAA Mutual. I guess it will then be at advance stage of completion of the company restructuring exercise.

Posted by Abudance > 2013-07-29 13:08 | Report Abuse

So is it better to buy it in August as price may go down? Any thoughts from those who watch this stock, please?

Posted by iafx > 2013-07-30 21:20 | Report Abuse

good progress made: http://www.bursamalaysia.com/market/listed-companies/company-announcements/1364481

Posted by Abudance > 2013-07-30 21:42 | Report Abuse

From insurance to property development .... Wonder if its a food timing as property is over heating... And the deceloper's gearing interest that is fueling the prop market is curtailed by BN?

Posted by iafx > 2013-07-30 21:57 | Report Abuse

this is in pursuant to the Settlement Agreement signed with Zurich Insurance Company Limited (“Zurich”), and to recover MAAG’s initial investment of RM20.0 Million in the Development. MAAG shall be entitled to recover its investment costs and further development contribution from the Development. should block C sold in 12 months... hoho

Posted by nsa1958 > 2013-07-31 01:49 | Report Abuse

I think the board of directors has made a good decision

1) to recover the initial investment cost of 20 million

2) future income contributions to the group

3) unlock 3 million from Zurich

Posted by iafx > 2013-07-31 10:22 | Report Abuse

net asset per share stand at $1.41, adequate cash level to meet regulation requirement for core biz; without additional cash call. a good counter to consider for mid-term holding. of cos, yr $ yr choice!

Posted by trunks > 2013-08-01 15:51 | Report Abuse

I heard will shot up 70sen... any comment?

Posted by iafx > 2013-08-01 21:16 | Report Abuse

On behalf of the Board of Directors of MAAG, TA Securities Holdings Berhad (“TA Securities”) wishes to announce that Bursa Securities has, vide its letter dated 1 August 2013, granted an extension of time up of to 30 November 2013 for the Company to submit a regularisation plan to Bursa Securities (“Extension of Time”). Further details of the Extension of Time are stated in the announcement made on even date by TA Securities on behalf of the Company.

This announcement is dated 1 August 2013.

Posted by JAMESOOI > 2013-08-12 13:32 | Report Abuse

how much is MAA Takaful worth if it is under the new FSA ruling?

Posted by cheeseburger > 2013-08-28 07:08 | Report Abuse

KUALA LUMPUR (Aug 27): MAA Group Berhad sank into the red with a RM15.8 million loss for the second quarter to June 30, versus profit of RM24.78 million in the second quarter in previous year.


-the Edge

Posted by stock > 2013-09-26 16:01 | Report Abuse

no announcement of release of pn17

Posted by bryan888 > 2013-10-01 21:06 | Report Abuse

MAA has cash balance of RM184m. After netting off dividend of approx RM9m paid on 5.7.13 and plus cash of RM136m received from escrow account on 30.9.13, total cash is RM311m. Divided by share capital of 304m shares, cash per share is RM1.02. NTA per share as at 30.6.13 is RM1.33. Its current share price of RM0.68 is huge discount to its cash per share and NTA per share.

Posted by Kutty123 > 2013-10-01 21:19 | Report Abuse

Bankruptcy stock no encourage to touch..

Posted by Abudance > 2013-10-02 00:48 | Report Abuse

Keep extending submission to get out of pn17 .. Not good sign. Also it's takaful arm losing money!

Posted by JAMESOOI > 2013-10-02 07:27 | Report Abuse

Hi, Bryan888, what is the best price to go in ? Why they take so long to submit a regularisation plan to Bursa Securities?

Posted by bryan888 > 2013-10-02 10:06 | Report Abuse

Hi James, MAA submitted its regularisation plan to Bursa Securities last year but it was not approved. I guess they have to submit a better one by Nov this year. Company like MAA with cash pile of RM300m+ will not go bankcrupt. The Company is only less aggressive and lack of strategic plans. Lets see its forthcoming regularisation plan, ie whether there will be any capital repayment to its loyal shareholders or any potential buyout by other bigger bank/takaful group.

Posted by JAMESOOI > 2013-10-03 21:16 | Report Abuse

Thanks

Posted by JAMESOOI > 2013-10-17 16:03 | Report Abuse

The Sun interviewed MAA executive chairman Tunku Datuk Ya'acob Tunku Abdullah, see link http://www.thesundaily.my/news/857707, and the share price drop to RM 0.63 from RM0.655, volume up more than 2 mil , someone must have accumulating the shares, i think something good is coming soon.

Posted by Huey > 2013-10-18 21:55 | Report Abuse

Hi, I felt doubt. The recent new consider bad new to this stock, right? Price immediate drop after this new. Why u feel good thing coming soon and TP.085. Please help to explain. Thanks in advance

Posted by JAMESOOI > 2013-10-19 00:08 | Report Abuse

Why is MAA executive chairman Tunku Datuk Ya'acob Tunku Abdullah sending negative news to the investing world that the company has not much option for a regularisation plan to get out of PN17 status, I find it is not logical in the interview in The Sun, If I will him, why send negative NEWS, unless he is thinking of accumulating shares so that he can buy cheap. I feel that something good is coming soon. Do you think he want to let SC to delist his company?

Posted by JAMESOOI > 2013-10-19 00:13 | Report Abuse

look at bryan888 reported on the above on 2-10-2013, he is a point for this share based on strong fundamental

Posted by Huey > 2013-10-19 10:01 | Report Abuse

James. Thank you for your sharing

Posted by bryan888 > 2013-10-21 10:48 | Report Abuse

As the Chairman of MAA, I agree with James that he should not send -ve news to public. He said MAA Takaful would have to split itself into two separate life and general takaful units, with a minimum capital of RM100m for each company. In fact, the increase in paidup capital, says to RM200m for both units can be used for working capital and why is he talking about additional working capital of RM120m-RM150m some more? If the Company should not be in PN17, please appeal to Bursa for waiver again. Why the Advisor was not able to advise the Company. Quote the OSK Holding Berhad case as procedent. Unlike OSK where it disposed off the entire IB biz, MAA has stronger ground because it only disposed part of its insurance biz, ie general ins and its remaining Takaful biz in Malaysia is still doing well.

Posted by newyorkng > 2013-10-21 11:37 | Report Abuse

This is m'sia bah. Apa pun boleh.

Posted by Abudance > 2013-10-28 10:31 | Report Abuse

Likely to delist if papers of getting off pn17 not filed ....

Posted by Choon Ping Yeoh > 2013-10-30 12:24 | Report Abuse

MAA so terrible?? MAA Should follow KSK , ECM pattern reward to shareholder please

Posted by chanthomas > 2013-10-30 17:52 | Report Abuse

Just cannot comprehend how things are done here. Gopeng sold interests in cement business. Waiver given and existed PN17 as the company was considered cash rich. Gopeng rewarded shareholders with dividends. KSK and ecm did capital repayments. As pointed out by James and Bryan, MAA Takaful is doing well (A check revealed that MAA takaful made net profit of RM12 mil in 2012) and MAA group itself is cash rich with >RM300 cash. Now that MAA Chairman has hinted that Regularisation plan could not be prepared due to absence of cheap financial services company that MAA can afford to acquire. It will be interesting to see how things will develop. What is Bursa PN17 requirements with regards to company that had sold the "so-called" core business? Anyone out there who can enlighten. Is acquisition of new business the only solution for the regularisation plan? To me, the financial performance (recent years) of MAA takaful itself is sufficient to meet Bursa listing requirements. There are so many listed companies that have been making losses and yet still maintaining their listing status. We now have a cash rich coompany with potentially good businesses facing the risk of delisting. Talking about suspension or delisting, the trick to do is just not submitting qtrly report or audited account and u will have companies that risks suspension of delisting.

Posted by bryan888 > 2013-10-30 20:41 | Report Abuse

In fact, the current Listing Requirements of Bursa provides "escape route" for PLCs to be delisted at the expense of minority shareholders. After their major shareholders made tonnes of monies through "shares play" and subsequently delisted due to failure to submit qtrly reprort or audited accounts or default in payment under PN17 whether intentionaly or otherwise, they could just wash their hands clean. By all means, Bursa should not allow delisting of all these trouble PLCs to safeguard the interest of Minority shareholders. Bursa should form a team to take over the management of these trouble PLCs and tender out to interested parties to take over. This could be another income channel for Bursa. I believe there are many interested parties wish to take over especially for the listing status. Can someone help me to pass this message to
Bursa? As for MAA, if the major shareholders wish to ride along this escape route (which is the weakness of Bursa's Listing Requirements), it will be so easy by way of not submitting any regularisation plan before the deadline given by Bursa. When this scenario happened, major shareholders will be laughing all the way to Bursa because the Group is left with >RM300m for them to enjoy but minority shareholders would suffer.

Posted by chanthomas > 2013-10-30 21:24 | Report Abuse

No wonder retail participation in Bursa is so petty because whatever ways you take you still have it. It does not matter then whether one undertakes research or not before investing. Cos ultimately one will have it. AAX reported losses upon listing. Wsport is trading at PE 20 with little NTA. Astro got listed with with Negative NTA and yet analysts are recommending these stocks.

Even though we have Minority Shareholder watchdog group, all minority shareholders should brace themselves against any oppression, there are venues for complaints to be lodged.

Posted by Choon Ping Yeoh > 2013-10-31 10:11 | Report Abuse

MAA doing these crap??Then how abt the reputation for the Takaful insurance in future??

Posted by newyorkng > 2013-10-31 10:33 | Report Abuse

Hi fellow minority shareholders. It is time to stand up. I have consulted my remisier who is an accountant by profession. His comments are and going to give me more details regarding MAA's value and operation later:

1.0 Listed company verses non-listed.

As far as shareholders' rights are concerned, shareholders still have the same rights for participation in dividend, company's profit, assets etc. and voting at general meeting. The company is still there and business operation will remain unchanged.

The only difference is that shareholders of listed company can sell their shares in open market (Bursa) at market price. He said, however, this difference or convenience does not benefit the shareholders if the market prices are persistently below the fair value of a listed company.

In fact, majority shareholders will have more to lose if their controlling interest is less than 50%. For MAA, there is only one major shareholder who controls about 34%. Once MAA become unlisted public company (> 50 shareholders), MAA's existing major shareholder will lose their management rights if the other 66% minority vote against him. The minorties (me included) can then decide the fate of the unlisted public company. For once the minorities might have the "say".

Using Facebook as an example, Tan Sri Vincent Tan and Sri Lee Ka Shing invested in Facebook when it was unlisted. However, they profited greatly after Facebook's listing.

Posted by bryan888 > 2013-10-31 13:01 | Report Abuse

We do not know the actual % of shareholding of the major shareholder in MAA. On paper, it appeared at 34% but he could have other friendy parties holding another 16.1% and thus enabling them to have major control of 50.1%. Once the Company is delisted with the blessing of Bursa's Listing Requirements, minority shareholders will find difficulties in accessing the financial info other than annual report. The day-to-day operations are still in their control and utilisation of RM300m cash pile in the Company is at their messy. Just look at MBf Corporation, minority shareholders are suffering because stupid Bursa delisted the Company despite the Company has some good assets. What the minority shareholders could say? Talk to major shareholders? They would say "you minority shareholders invest at your own risk. If you could find buyer, just sell your delisted shares, otherwise sell back to me at cheap price." Talk to Bursa? No way Bursa would entertain you. Look at past cases, what are the actions taken against delisted PLCs? The name list of delisted PLCs did not even appear on Bursa website. But for MAA, it may not happen I hope because Bursa should give waiver on PN17 and let the Company continue to be listed. The Chairman said don't expect giant dividend and he did not say "no dividend". Meaning, there would be still be dividend payment. Eventually, the Company will be uplifted from PN17.

Posted by newyorkng > 2013-10-31 16:53 | Report Abuse

Bryan, could you explain why Major shareholders of MBF holding who controlled more than 82% chose the hard way of takeover?

Posted by bryan888 > 2013-10-31 19:50 | Report Abuse

This is because they see the future value of MBf Holdings to be worth more than the price they paid for under the mandatory take-over. As for PN17 PLCs, major shareholders don't need to launch the mandatory take-over because they know they could capitalise on the weakness of Bursa Listing Requirements on PN17 by getting back their PLCs at scraped value after Bursa delisted their PLCs. Don't be surprised, some major shareholders could even take out the prime assets of their PLCs are delisted through their nominees at value way below market. You and me as minority shareholders didn't even know till we saw their annual report. Worst still, some delisted PLCs didn't even send out their annual reports to minority shareholders. In this case, is Bursa still monitor them for the interest of minority shareholders? My answer is probably "no" and I think Bursa is still have a lots to improve.

Posted by newyorkng > 2013-11-01 10:23 | Report Abuse

Bryan, thanks for your points on MBF holding. As for MBF Corp,I had browsed through MBF Corp account for the qtr ended 31/3/2007 (before MBF's delisted on 3/8/2007. MBF Corp Paid Up cap was RM282 mil and Acc. losses as at 31/3/2007 was RM200 Mil, as such technically, became affected listed company as the shareholders' equity was less than 50% of its paid up capital.

As for MAA, two factors that could be contributed non-waiver in 2012 were the certainty of final amt to be recived from Escrow acc and the financial performance of PT MAA General Assurance in Indonesia. PT MAA General Assurance insurance underwriting activities have been disallowed by Indonesian Financial Authority (See Indonesia Financetoday) and will be dissolved within 6 mts as per MAA's chairman. As of 31/12/2012, MAA investment cost in PT MAA General Assurance had been fully impaired and written off due to net deficit as reported by Auditors - therefore, Zero book value. There will not no financial impact on MAA group if the Board decision is not to revive the company.

Now that these two factors are clearer, hopefully MAA group will see better light.

Posted by bryan888 > 2013-11-01 12:05 | Report Abuse

Tks newyorkng. In this case, MAA price should worth RM1.33 per share (net assets per share) or at least RM1.10 (net cash per share) upon upliftment frm PN17. Will start to accumulate.

Posted by andyopto > 2013-11-06 18:54 | Report Abuse

Maa no hope aready lah... Lets look at Sumatec very bullish

Posted by PJTrader > 2013-11-08 17:09 |

Post removed.Why?

Posted by effendytay888 > 2013-11-08 19:59 | Report Abuse

watch sumatec next week gonna be very bullish

Posted by ppginvest > 2013-11-08 20:11 | Report Abuse

hi effendytay88, sure? can still buy in sumatec then?

Posted by wan2bsuper > 2013-11-10 09:17 | Report Abuse

Bgt sumatec again, will be very bullish until 21/11/13 before the rights listing .This is very possible.
1. To built confidence and impress players.2. Less mother share owned by minority shareholders.3.PN 17 to be declared and built up momentum. 4. Oil and gas news from Khazastan in the pipeline. Get out just before share flooded on 22.11. my 2 cts opinion not to use as guideline if found to be not logical. In share there is no such thing as patriotic or , loyal. Make some quick money STOP , LOOK and GO again if there is any sign of positive built up.

Posted by fairjimmy > 2013-11-10 09:38 | Report Abuse

Spot on. At least worth the risks. nothing is certain except death and tax

Posted by andyopto > 2013-11-10 13:53 | Report Abuse

Sumatec maybe abit risky now be caution !

Posted by wan2bsuper > 2013-11-10 22:09 | Report Abuse

no venture no gain. It is better to venture with the devil I know than the angel unknown to me

Posted by wan2bsuper > 2013-11-12 00:21 | Report Abuse

compare apple to an apple, guess whether which apple is more in demand. The apple that produce in bulk and cheap and highly demand probably can prove something different extraordinary.Compare previous bullish b4 rights OR issued, climb from 34 cts within few weeks reach 80.5 cts.the graph is identical and positive outlook .wont be surprise by 21st nov already reach more than 60 cts even without lifting PN17 after raising more than 400 million ringgit, besides Exim Bank, Ministry of finance support . Is it just to show off? Just to let go the shares ?
Think about it. Good luck guys.

Posted by effendytay888 > 2013-11-12 13:46 | Report Abuse

There are many style of investors. some like the brand, some like the type of portfolio.maybe i like gangnam style while others like romantic style syok sendiri. whatever it is our motive is to make money without delay and make some profit in a marginal amount.

Posted by effendytay888 > 2013-11-13 10:30 | Report Abuse

dont be so sad if you dont make much. it is a fun and make some fortune at the right time and right moment when opportunity arise. why everyone so quiet unlike some forum so active