| Type | Announcement |
| Subject | MALAYAN BANKING BERHAD ("Maybank") - Proposed Acquisition/Merger of EON Bank Berhad ("EON Bank") and EON Finance Berhad ("EON Finance") (collectively, the "EON Bank Group") - Proposed Acquisition/Merger of Malaysian International Merchant Bankers Berhad ("MIMB") (collectively, "Proposed Mergers") |
Aseambankers Malaysia Berhad ("Aseambankers"), had on 6 August 1999, announced the approval of Bank Negara Malaysia ("BNM") for the commencement of negotiations with several financial institutions with a view of merging the operations of the respective financial insitutions with the Maybank Group. Pursuant to the earlier announcement, Aseambankers, on behalf of the Board of Directors of Maybank, is pleased to announce that on 23 September 1999, Maybank have entered into a Memorandum of Understanding ("MOU") with Edaran Otomobil Nasional Berhad and EON Bank whereby:
(a) the parties are desirous of negotiating with each other with the objective of Maybank either acquiring/purchasing all the assets and liabilities of EON Bank and/or its wholly owned subsidiary, EON Finance or the entire issued and paid-up capital of EON Bank from the shareholders of EON Bank; and
(b) the parties agree that the consideration payable by Maybank for the Proposed Transaction may be settled in cash and/or an exchange of shares including an exchange of shares in Mayban Finance Berhad or some other basis to be mutually agreed upon, when entering into further negotiations.
On the same date, Maybank entered into a separate MOU with MIMB with the intention for the former to either acquire/purchase all the assets and liabilities of MIMB or the entire issued and paid-up capital of MIMB.
The signing of the abovementioned MOUs set out the intentions of the respective parties for the Proposed Mergers of the EON Bank Group and MIMB respectively and to facilitate the commencement of the financial and legal due diligence exercises.
The abovementioned Proposed Mergers are subject to the following:
(a) formal execution of the relevant Sale and Purchase Agreements and/or Merger of Business Agreements;
(b) approval from the relevant authorities; and
(c) approval from the respective shareholders at the respective Extraordinary General Meetings to be convened.
Further details on the outcome of the Proposed Mergers will be announced in due course.
|
Yong Lee Mei
Head Corporate Finance |
Wong Yoke Nyen
General Manager Corporate Finance |
| Company Name | MALAYAN BANKING BERHAD |
| Stock Name | MAYBANK |
| Date Announced | 23 Sept 1999 |
| Category | General Announcement |
| Reference No | MM-990920-66732 |