MNRB to use MOX share sale for expansion
Bernama, 31 Jul 2007
MNRB Holdings Bhd will finance its business expansion plan by utilising part of the RM75.4mil proceeds from the sale of its Malaysian Oxygen Bhd (MOX) shares, chairman Mohammad Abdullah said.
The plan includes investing in the capital for subsidiary MNRB Retakaful Bhd.
“We need about RM100mil for the capital. We hope to obtain the licence (for retakaful business) from Bank Negara soon,” Mohammad said after the company AGM yesterday.
He said the plan also included increasing shares in unit Takaful Ikhlas Sdn Bhd and expanding overseas.
Mohammad said MNRB was looking at investing about RM250mil for the expansion plans but he did not give a timeframe.
Meanwhile, MNRB Holdings’ subsidiary Malaysian Reinsurance Bhd planned to make its wholly owned subsidiary, Malaysian Re (Dubai) Ltd, a full-fledged branch by early next year, subject to the approval of authorities in Dubai.
Its president and chief executive officer Anuar Mohd Hassan said the immediate requirement to turn the representative office into a branch included having a paid-up capital of US$10mil.