Sep 28 2011
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BNM under fire for bargain bucket sale Takaful
The subsidiaries are Multioto Services, Malaysian Alliance Property Services and Maagnet Systems.
MAA chairman Ya'acob Tunku Sri Abdullah said: "Although the price offered is low, our shareholders have decided to proceed with the sale in view of the high capital adequacy Bank Negara requires for insurance business".
Abdullah went on to say that: "Merger and acquisitions will be part of our growth strategy. We want to buy companies cheaply and sell them at a premium."
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