MAA Group has until year-end to submit regularisation plan

PETALING JAYA: Bursa Malaysia Securities Bhd has given Practice Note 17 (PN17) company MAA Group Bhd until the end of the year to submit its regularisation plan to the regulatory authorities.

MAA Group has been classified a PN17 company since 2011, following the sale of its conventional insurance arm Malaysian Assurance Alliance Bhd to Switzerland-based Zurich Insurance Co Ltd.

The company’s net loss widened to RM577,000 on a 97% fall in revenue to RM4 million for the first quarter ended March 31, 2017. In its filing to Bursa Malaysia, MAA said it has assessed and evaluated companies engaged in manufacturing, oil and gas, education, assisted reproductive technologies, etc.

The company had cash in hand of RM32.16 million in the first quarter, compared with RM346.85 million for the same quarter in the preceding year.

The extension of time is without prejudice to Bursa Securities’ right to proceed to suspend the trading of the listed securities of MAA and to de-list the company in the event that MAA fails to submit the regularisation plan before Dec 31, 2017; fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; and fails to implement its regularisation plan within the timeframe or extended timeframe stipulated by any of the regulatory authorities.