Sale of 2 Tranches Of Corporate Non Performing Loans

May 10, 2007 Back
Type Announcement
Subject SALE OF 2 TRANCHES OF CORPORATE NON PERFORMING LOANS

Contents :

Further to the announcement dated 17 January 2007 in respect of the sale of two tranches of long outstanding corporate non-performing loans (“NPLs”) to two separate Special Purpose Vehicle (“SPVs”) namely Gale Force Sdn Bhd which is part of Standard Bank of South Africa Group and Popular Ambience Sdn Bhd which is jointly owned by Standard Chartered Bank (Hong Kong) Limited and Standard Chartered Bank Malaysia Berhad via two conditional Sale and Purchase Agreements (“SPAs”) dated 17 January 2007, we are pleased to inform that the sale of both tranches of NPLs have been approved by Bank Negara Malaysia (“BNM”) via its letter dated 9 May 2007.


All conditions precedent as set out in the SPAs have been satisfied and the SPAs now become unconditional.

The parties will proceed to effect the transfer of the NPLs and the payment of the balance purchase price shall be paid to Maybank upon such transfer.

This announcement is dated 10 May 2007.

 

Announcement Info

Company Name MALAYAN BANKING BERHAD  
Stock Name MAYBANK    
Date Announced 10 May 2007  
Category General Announcement
Reference No MB-070510-67372