MNRB Holdings Signs Pact to Sell Takaful Ikhlas to Bank Rakyat for MYR1.64 Billion; Shares Up 8%
MNRB Holdings (KLSE:MNRB) has agreed to sell its Takaful Ikhlas Family business to development financial institution Bank Kerjasama Rakyat Malaysia (Bank Rakyat) for 1.64 billion ringgit in cash, according to a Tuesday filing to the Malaysian bourse.The company's shares jumped nearly 8% in Wednesday's trade.The company said it has signed an implementation agreement with Rakyat Nominees and Bank Rakyat for the proposed sale of its wholly-owned subsidiaries, Takaful Ikhlas Family and Takaful Ikhlas General.The deal is subject to regulatory approval and the final sale agreements are expected to be signed within 12 months.The proposed divestment is aimed at helping the company to focus on opportunities that support its long-term strategic priorities and sharpen its focus on its core reinsurance and retakaful businesses.
