| Type | Announcement |
| Subject | OTHERS |
| Description | Dissolution of Maybank ATR Kim Eng Fixed Income |
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Malayan Banking Berhad ("Maybank") wishes to announce that one of its indirect subsidiaries, Maybank ATR Kim Eng Fixed Income ("MATRKEFI") had on 12 July 2013 obtained the approval of the Philippines Securities and Exchange Commission for the amendment of the Articles of Incorporation to shorten the corporate life of MATRKEFI from 50 years to 15 years i.e. up to 30 June 2014. Based on the foregoing, MATRKEFI has commenced its dissolution process.
MATRKEFI is 80% owned by Rezan Pte Ltd (a 100%-owned subsidiary of Maybank Kim Eng Holdings Limited) and 20% owned by Maybank ATR Kim Eng Capital Partners, Inc. (a subsidiary of Maybank ATR Kim Eng Financial Corporation). The ultimate holding company of the above-mentioned entities is Maybank.
MATRKEFI was previously providing liquidity for the lending business of AsianLife Financial Assurance Corporation ("ALFA") a former indirect subsidiary of Maybank, and has been dormant since May 2012, with the sale of ALFA to third parties. The liquidation dissolution of MATRKEFI is part of the corporate rationalisation exercise at Maybank Kim Eng which aims to unlock value of its dormant subsidiaries.
The dissolution of MATRKEFI will not have any material effect on the consolidated earnings or assets of Maybank Group for the financial year ending 31 December 2013.
None of the directors or substantial shareholders of Maybank or persons connected to them has any interest in the dissolution voluntary liquidation.
This announcement is dated 16 July 2013.
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| Company Name | MALAYAN BANKING BERHAD |
| Stock Name | MAYBANK |
| Date Announced | 16 Jul 2013 |
| Category | General Announcement |
| Reference No | MB-130716-63039 |