MNRB Holdings Bhd inks agreements with Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) for the proposed divestment of its Takaful IKHLAS businesses for RM1.64 billion, subject to adjustments.
The proposed disposal involves MNRB’s wholly owned subsidiaries, Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd, collectively known as Takaful IKHLAS.
MNRB said the implementation agreements establish the framework governing the responsibilities of the parties and the steps required to complete the transaction, including securing the necessary regulatory approvals and executing the definitive transaction documents.
The proposed divestment remains subject to approvals from Bank Negara Malaysia and/or the Minister of Finance, where applicable, as well as approval from MNRB shareholders.
Upon completion, the transaction is expected to combine the complementary strengths of Takaful IKHLAS and Bank Rakyat, supporting the continued growth of Malaysia’s takaful industry while contributing to the broader development of the country’s Islamic financial services ecosystem.
MNRB chairman Datuk Sulaiman Mohd Tahir said the proposed divestment reflects the group’s disciplined approach to portfolio management and long-term value creation.
“As part of our long-term strategy, MNRB continually reviews its investment portfolio to ensure that our businesses and resources remain aligned with our long-term strategic priorities,” he said.
He added that the disposal would allow MNRB to unlock the value of its investment in the direct and primary takaful business while sharpening the group’s focus on its core reinsurance and retakaful operations.
