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Companies are classified as PN17 if they trigger any of the following criteria:
Shareholders' equity:
Their consolidated shareholders' equity is 25% or less of their share capital (excluding treasury shares) and is less than RM40 million.
Default in payment:
The company, a major subsidiary, or a major associated company defaults on payment obligations.
Other triggers:
Other criteria defined in the Bursa Malaysia Listing Requirements that indicate financial distress.
On its outlook, MNRB expects that the newly imposed 8% service tax on financial services could marginally erode its profitability in the family takaful segment, particularly through higher distribution and investment management costs.
“The general takaful segment is largely not impacted by this development as the contributions are already subject to service tax,” it said.
Takaful service results Excluding surplus attributable to participants movement, the Takaful Service Results increased by RM119.3 million. The increase was driven by increased in short-term business profit.
