Maybank announced that on 15 November 2016 (New York time), it has disposed 1,188,212 Class A common shares held in Visa Inc. (“Shares Disposal”), for a purchase consideration of USD93.9 million (equivalent to approximately RM407.1 million based on the exchange rate of USD1 = RM4.3335 as at 15 November 2016).
The Shares Disposal is carried out as part of Maybank’s strategy to be more capital efficient by rationalising our non-core assets. The proceeds from the Shares Disposal will be utilised for additional working capital purposes. Maybank’s existing business relationship with Visa Inc. will continue to be a priority and will not be affected as a result of the Shares Disposal.
Details are available in the Bursa Malaysia announcement.