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OTHERS MNRB HOLDINGS BERHAD'S UNIT ISSUED RM50 MILLION SUBORDINATED MEDIUM TERM NOTES

MNRB HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
MNRB HOLDINGS BERHAD'S UNIT ISSUED RM50 MILLION SUBORDINATED MEDIUM TERM NOTES

The Board of Directors ("the Board") of MNRB Holdings Berhad ("MNRB" or "the Company") wishes to announce that its wholly-owned subsidiary, Malaysian Reinsurance Berhad ("Malaysian Re"), had today issued a RM50 million Subordinated Medium Term Notes ("MTN"), under its RM250 million Subordinated MTN Programme. The said issuance was fully subscribed by MNRB.

 

The above Subordinated MTN would qualify as Tier 2 capital under the Bank Negara Malaysia's Risk-Based Capital Framework for Insurers. The proceeds will be utilised by Malaysian Re for working capital in order to further strengthen its capital base in view of the substantial growth of its Gross Premium during last nine (9) months, as well as to support its Business Remodelling plan, particularly to further expand its international business portfolio.

 

The following are the salient points of the above Subordinated MTN issuance by Malaysian Re:

 

a) Issue size RM50 million in nominal value.
b) Tenor Eight (8) years, non-callable for the first five (5) years.
c) Profit rate 4.38% per annum.
d) Utilisation of proceeds To be fully utilised as working capital for Malaysian Re.

 

This announcement is dated 15 March 2022.






Announcement Info

Company Name MNRB HOLDINGS BERHAD
Stock Name MNRB
Date Announced 15 Mar 2022
Category General Announcement for PLC
Reference Number GA1-15032022-00031




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