• Maybank's purchase of 44.6% stake in Kim Eng at S$3.10 per share becomes unconditional
  • Together with the 5.6% stake acquired in January 2011, upon Completion Maybank will own 50.2% of Kim Eng
  • Maybank to make an unconditional general offer for remaining shares in Kim Eng, with the intention to privatise Kim Eng
  • Following Completion, Maybank to announce intention to make a tender offer for Kim Eng Securities (Thailand) (KEST) at a price of Baht 16.00 per share

Kuala Lumpur - Maybank, through its wholly-owned subsidiary, Mayban IB Holdings Sdn. Bhd. (formerly known as Aseam Credit Sdn. Bhd.) ("Mayban IB Holdings"), today announced its firm intention to make a mandatory unconditional cash offer to acquire all the ordinary shares of Kim Eng Holdings Limited ("Kim Eng"), other than those already owned by Mayban IB Holdings, its related corporations and their respective nominees (the "Offer"), at a price of S$3.10 per share. The pre-condition to the making of the Offer (the "Pre-Condition") was the satisfaction of certain key conditions (the "Key Conditions") in accordance with the terms and conditions of the sale and purchase agreements with each of Mr. Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Limited, for the acquisition of approximately 15.4% and 29.2% stakes respectively in Kim Eng (the "Acquisition"). The Acquisition was conditional upon the satisfaction of the Key Conditions, including, amongst others, obtaining approvals from Bank Negara Malaysia and the Monetary Authority of Singapore. Maybank expects completion of the Acquisition to take place next week ("Completion").

Read the full news here.

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