Insas Bhd is listing its stockbroking arm M & A Securities Sdn Bhd (M&A) via a reverse takeover of furniture maker SYF Resources Bhd. The securities firm is valued at RM222 million, representing a price-to-book valuation of 1.2 times which is generally higher than most banks listed on Bursa Malaysia and a price-to-earnings ratio of 11.8 times.