18  May 2015  - 20:17
Maybank Enters into Agreement to Sell Papua New Guinea Subsidiaries

On 18 May 2015, Maybank announced that it has entered into a share sale agreement (SSA) with Kina Ventures Ltd and Kina Securities Ltd of Papua New Guinea, for the proposed disposal of Maybank’s entire equity interest in Maybank (PNG) Limited (MPNG) and Mayban Property (PNG) Limited (MPPNG) to Kina Ventures.

“This decision to dispose of our operations in PNG is a result of strategic reviews carried out regularly at the Group to reprioritise our capital and resources with the intention of focusing our growth agenda in target regions where we can achieve the best returns from our investments. While we have been operating profitably and successfully in Papua New Guinea over the years, we have had to evaluate how best we can use our capital going forward, especially in light of new and more stringent requirements under the Basel III regime. Ultimately, we believe that we can achieve greater value creation for all our stakeholders by re-focusing our resources in the ASEAN and Greater China region where we can realise greater synergies and achieve better returns on capital investment.” - Datuk Abdul Farid Alias, Group President & CEO

Please refer to the Press Release for more information.