May 10, 2011
- Maybank completes the purchase of the 44.6% stake in Kim Eng
- Together with the 5.6% stake acquired in January 2011, Maybank now owns 50.2% of Kim Eng
Kuala Lumpur - Maybank, through its wholly-owned subsidiary, Mayban IB Holdings Sdn. Bhd. (formerly known as Aseam Credit Sdn. Bhd.) (“Mayban IB Holdings”), today announced that it has completed the acquisition of a 44.6% stake in Kim Eng (“Acquisition”).
Together with the market purchases on January 7, 2011 and January 10, 2011 for approximately 5.6% stake in Kim Eng, Maybank now owns a majority interest of 50.2% in Kim Eng.
The completion of the Acquisition closely follows Maybank’s announcement of May 5, 2011 stating its firm intention to make a mandatory unconditional cash offer for all the ordinary shares in the capital of Kim Eng other than those already owned by Mayban IB Holdings, its related corporations and their respective nominees (the “Offer”) pursuant to the satisfaction of the pre-condition to the making of the Offer.
The Maybank Group is a leading financial services provider in Malaysia offering an extensive product and service range, which includes commercial banking, investment banking, stock broking, insurance and takaful, asset management and others. As of December 31, 2010, it had total assets of RM357.6 billion, and, as of May 10, 2011, it had a market capitalization of RM63.7 billion. Apart from being the leading financial institution in Malaysia, Maybank has established a leading presence in key ASEAN markets, including Singapore, Indonesia and the Philippines. The Maybank Group has over 1,750 branches and offices in 14 countries, with 40,000 employees serving over 18 million customers.
About Kim Eng
Kim Eng is a leading independent securities and investment broking group in Asia with 38 years of history. It is listed on the Singapore Exchange, with a market capitalization of S$1,848 million as of May 10, 2011, and had shareholders’ equity of S$965 million as of December 31, 2010.
Kim Eng has an international presence, with an extensive network of offices in Singapore, Hong Kong, Thailand, Indonesia, Philippines, Malaysia, India, Vietnam, London and New York. Through its various subsidiaries, Kim Eng offers a host of financial services such as retail and institutional securities broking, research, corporate finance advisory and asset management services.
The directors of Mayban IB Holdings and Maybank (including any who may have delegated detailed supervision of this Press Release) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this Press Release are fair and accurate and that no material facts have been omitted from this Press Release, and they jointly and severally accept responsibility accordingly. Where any information has been extracted or reproduced from published or otherwise publicly available sources (including, without limitation, in relation to Kim Eng), the sole responsibility of the directors of Mayban IB Holdings and Maybank has been to ensure through reasonable enquiries that such information has been accurately and correctly extracted from such sources or, as the case may be, reflected or reproduced in this Press Release.