MNRB Holdings Shares Up 9.7 Pct On Takaful Business Divestment

KUALA LUMPUR, Aug 5 (Bernama) -- MNRB Holdings Bhd’s share price skyrocketed 9.7 per cent on Wednesday morning after it announced the divestment of its takaful business to Bank Rakyat for RM1.64 billion in cash.

At 10.31 am, the counter surged 26 sen to RM2.94, with 2.65 million shares traded.

In a Bursa Malaysia filing yesterday, the company said it has proposed to divest its 100 per cent equity interest in its wholly-owned units, Takaful Ikhlas Family Bhd (Takaful IKHLAS Family) and Takaful Ikhlas General Bhd (Takaful IKHLAS General), to Rakyat Nominees Sdn Bhd.

MNRB said the proposed divestment would unlock the value of its investments in the direct and primary takaful segments, allowing the group to strengthen further and sharpen its focus on its core reinsurance and retakaful businesses.

Upon completion of the proposed divestment, Takaful IKHLAS Family and Takaful IKHLAS General will cease to be wholly-owned subsidiaries of the company.

-- BERNAMA