The Spore Business Times (http://business-times.asia1.com.sg) reported yesterday that Golden Plus (controlled by Teh Soon Seng who formerly controlled Aokam Perdana) has offered to acquire the entire paid-up capital of Maika Holdings for RM125 million (RM1.00 per share).

Maika's main asset is insurance company Oriental Capital Assurance. It also owns approximately 81ha of land.

The problem is that Maika has already agreed to sell its insurance division to Salcon Engineering for RM129 million.

Under the Salcon deal, Maika shareholders can redeem their shares at RM1.00 each, the same price they paid per share when Maika was launched 23 years ago.

This must be some sort of record for corporate Malaysia. Hold your shares for 20+ years, then sell them back to the company at the same price at which you bought them!

So much for MIC's foray into the corporate world!