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Aseambankers Malaysia Berhad on behalf of Mayban Assurance Berhad (“MAB”), a 90% subsidiary of Malayan Banking Berhad is pleased to announce that MAB had on 16 February 2000 completed the acquisition of Sime Bank Berhad's 77.24% equity interest in UMBC Insurans Berhad ("UMBCI") amounting to 37,075,681 ordinary shares of RM1.00 each.

Pursuant to the above, MAB is obliged to undertake a mandatory offer in accordance to Part II of the Malaysian Code on Take-overs and Mergers 1998 for the remaining shares in UMBCI currently not held by MAB.