Transactions (Chapter 10 Of Listing Requirements) : Related Party Transactions

Mar 23, 2018 Back
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description

MALAYAN BANKING BERHAD ("MAYBANK" OR "COMPANY") (I) PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN AMANAH MUTUAL BERHAD AND 100% EQUITY INTEREST IN SINGAPORE UNIT TRUSTS LIMITED BY MAYBANK ASSET MANAGEMENT GROUP BERHAD ("MAMG"); AND (II) PROPOSED SUBSCRIPTION BY PERMODALAN NASIONAL BERHAD OF 8,336,404 NEW ORDINARY SHARES IN MAMG, REPRESENTING 20% OF THE ENLARGED ISSUED SHARE CAPITAL OF MAMG

(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as those used in the Company’s announcement dated 13 December 2017)

 

Reference is made to Maybank’s announcements dated 13 December 2017, 12 January 2018, 18 January 2018, 24 January 2018, 7 March 2018 and 9 March 2018 in relation to the Proposals.

 

The Board of Directors of Maybank wishes to announce that the Securities Commission Malaysia (“SC”) has, vide its letter dated 22 March 2018, approved the application in relation to the Proposed Acquisition I and Proposed Subscription.

 

The approval of the SC is subject to the following conditions:

 

(i) Maybank Asset Management Sdn Bhd (“MAMS”), a wholly-owned subsidiary of MAMG nominated to receive the AMB Shares pursuant to the terms of the AMB SPA, to fulfil the representations made in the application to the SC;

(ii) MAMS is required to notify the SC on the alternative strategy for AMB;

(iii) MAMS to ensure the merger and integration of operations are managed effectively with no disruption to the functioning of the organisations;

(iv) the Proposals should not adversely affect the financial soundness of licensed entities; and

(v) any potential risks are addressed and managed on an on-going basis.

 

This announcement is dated 23 March 2018.

 





Announcement Info

Company Name MALAYAN BANKING BERHAD
Stock Name MAYBANK
Date Announced 23 Mar 2018
Category General Announcement for PLC
Reference Number GA1-23032018-00034