MAA’s share price opened at 60 sen, 15.5 sen or 34.83% higher today. It hit an intraday high of 61 sen, a 37% increase, its highest in 13 months before paring its gains towards the noon break.

It closed 10 sen or 29% higher at 44.5 sen, valuing the group at RM115.68 million. A total of 11.84 million shares changed hands compared to its two-month daily average of 161,750 shares.

Executive chairman Tunku Yaacob Khyra holds a 41.81% indirect interest in MAA through Melewar Acquisitions Ltd and Melewar Equities (BVI) Ltd, both of which are wholly owned by Khyra Legacy Bhd (KLB).

Tunku Yaacob, a Negeri Sembilan royalty and KNM Group chairman, is a trustee of KLB.

In a bourse filling yesterday, the investment holding company said it will allocate RM187.7 million of the proceeds for future investment opportunities as well as RM32.18 million for working capital.

It will also allocate RM41.8 million for repayment of shareholder loans, RM13.54 million for repayment of inter-company loans and the remaining RM1.1 million for estimated expenses for the divestment process.

It noted the proposed divestment comes with an option to dispose the remaining 15% stake in the unit to Triple P for US$8.7 million (RM40.8 million) within a 14-month period.

In 2019, Tunku Yaacob’s proposed privatisation of MAA was rejected by shareholders.

In 2021, MAA acquired a 57.78% stake in Turiya Bhd and a 10.35% stake in KNM Group Bhd. Turiya is engaged in the business of letting properties, property management, and investment holding while KNM is an oil and gas services provider.

Listed on the Main Board, MAA commenced operations as Malaysian American Assurance Company Bhd (MAAB) in 1968, and was engaged in general and life insurance businesses. In 1985, MAAB changed its name to Malaysian Assurance Alliance Bhd.