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MNRB Seeks Regulatory Approval for MYR1.64 Billion Disposal

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MNRB (KLSE:MNRB) has submitted an application to Bank Negara Malaysia seeking the Ministry of Finance's approval for the proposed divestment of the takaful units Takaful Ikhlas Family and Takaful Ikhlas General, according to a Wednesday Bursa Malaysia filing.

The reinsurance and takaful company made the application under Malaysia's Islamic Financial Services Act following a recent disclosure of the proposed disposal of its entire stake in two subsidiaries to Rakyat Nominees for about 1.64 billion ringgit.

Shares of the reinsurance and takaful company rose nearly 1% in recent trade.

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