23 April 2012

MAA Group has no plan to sell its two core businesses

PETALING JAYA: MAA Group Bhd has no plans to sell its two core businesses – MAAKL Mutual Bhd and MAA Takaful Bhd.

To date, the management had not had any discussion with any party with regards to the disposal of any of its two core businesses, the group said in a statement.

While there was no denying that many big financial institutions were eyeing MAAKL Mutual, the group reiterated that there were no plans to dispose of the businesses.

It was responding to an article in StarBiz dated April 18 titled “MAA said to be considering selling fund management business”.

The article, citing sources, among others, stated that while not ruling out the possibility of a corporate exercise, the group might consider selling its unit trust business if the timing and pricing was right and would retain its takaful business.

“The group wished to stress to all our stakeholders that there is no truth in this report. MAA Group, as the holding company, wished to also state that both MAAKL Mutual and MAA Takaful are its core business.

“On the contrary, if anything, we intend to intensify our efforts and grow the business to become number one,” the statement said.

The very experienced management team in MAAKL Mutual held 25% of the company and had developed a unique tied-agency business model (B.O.S.S), it said.

Over the years, MAAKL Mutual had developed its own award-winning software which now had a huge potential to take on the big boys, it added.

Source: www.thestar.com.my


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