MNRB falls 9.8% on RM400m rights issue plan
19 Jul 2018 / 10:57 H.
PETALING JAYA: Shares of MNRB Holdings Bhd dipped as much as 9.8% to RM2.11 this morning following its plan to undertake a renounceable rights issue exercise to raise about RM400 million.
At 10.45am, the stock was trading at RM2.12, down 22 sen or 9.4% on 1.61 million shares done.
MNRB intends to inject some RM300 million into its takaful subsidiaries to invest into new information technology infrastructure.
Meanwhile, some RM100 million will be pumped into Malaysian Reinsurance Bhd to explore and develop new products for the local market to further solidify its market leadership in the local insurance industry.