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MAA Group's PN17 status to be uplifted

KUALA LUMPUR (March 25): MAA Group Bhd will be uplifted from being classified as a Practice Note 17 (PN17) company effective from 9am tomorrow.

This follows Bursa Malaysia Securities Bhd's approval of the insurance group's application for a waiver from complying with Paragraph 8.04(3)(a) and PN17 of the Main Market Listing Requirements (Main Market LR).

"The decision (by Bursa Securities) was arrived at after taking into consideration all facts and circumstances of the matter including, amongst others, that the company no longer triggers any prescribed criteria under Paragraph 2.1 of PN17 of the Main Market LR," the regulator said in a statement today.

Bursa Securities said it also took into account MAA's latest financial position as of Dec 31, 2020, including net assets of RM533.01 million, and that the general insurer recorded three consecutive quarters of net profit up to the quarter ended Dec 31, 2020. The results have been subjected to a limited review by an external auditor.

"Bursa Securities would like to emphasise that it will continue to monitor the progress of PN17 and Guidance Note No 3 (GN3) companies in respect of their compliance with the Main Market LR and ACE Market Listing Requirements," it added.

There are currently a total of 21 companies under PN17 and GN3, which represent 2.25% of the total number of 934 companies listed on the Main Market and ACE Market of Bursa Securities.

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