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KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has proposed to acquire 8.34 million ordinary shares in Maybank Asset Management Group Bhd (MAMG), representing 20 per cent of the total issued share capital of MAMG, from Permodalan Nasional Bhd (PNB) for RM70.39 million in cash.
In a filing with Bursa Malaysia today, Maybank said it has entered into a conditional share sale agreement with PNB in relation to the proposed acquisition, pursuant to the exercise of a put option it granted earlier to PNB.
PNB was granted a put option to require Maybank to acquire all of the MAMG shares held by PNB at an exercise price that is equivalent to the fair market value of the MAMG shares held by PNB.
The put option was exercised by PNB on Nov 30, 2022. Maybank and PNB had jointly appointed PricewaterhouseCoopers Capital Sdn Bhd to determine the fair value in accordance with the terms of the shareholders’ agreement.
“The purchase consideration will be satisfied in cash and funded by internally generated funds.
“Upon completion of the proposed acquisition, MAMG will be a wholly-owned subisidary of the company,” added Maybank. – Bernama
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