Maybank is one of the best capitalised banks in Asia following the successful completion of its rights issue exercise, which saw the listing of the rights shares on Bursa Malaysia Securities Berhad effective 30 April 2009.
The rights issue, which raised approximately RM6.018 billion, is the largest in Malaysian corporate history. It was over-subscribed with a subscription rate of 128%.
Maybank President and CEO Dato' Sri Abdul Wahid Omar said today that the successful completion and oversubscription of the rights issue reflected strong investor confidence in the Maybank brand and the long-term growth strategy of the Group.
"Investor response to this exercise has been most encouraging, more so given that it was achieved in a very challenging economic environment. This exercise puts us in a strong position to widen the Group's competitive positioning, and reinforce our domestic and regional franchise as well as accelerate growth for the future," he added.
"This positions Maybank as one of the best capitalised banks in Asia and will support our aspiration to be among the top 5 banks in South and South East Asia by size and performance by 2015," said Dato' Sri Abdul Wahid.
Dato' Sri Abdul Wahid expressed Maybank's appreciation to all shareholders for their confidence in the company. "Our focus remains on ensuring that we consistently deliver value to all our stakeholders and we are now working aggressively to ensure that the ‘LEAP 30' Performance Improvement Programme that we have initiated recently, will deliver the results we have promised."
The rights issue was executed smoothly and was completed within a period of 9 weeks from announcement to listing of the rights shares.
Maybank share price closed at RM4.34 on 30 April 2009 representing an increase of 48 sen or 12.4% from RM3.86 being the closing price on 31 March 2009, the day when the share traded ex-rights, hence demonstrating the confidence of investors in Maybank in the long term.
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