Maybank satisfies pre-condition for Lim Eng acquisition

Maybankcwill make a mandatory unconditional cash offer to acquire all the ordinary shares of Kim Eng Holdings Limited at a price of S$3.10 per share.

This was announced through the bank's wholly-owned subsidiary, Mayban IB Holdings Sdn. Bhd.

The pre-condition to the making of the Offer was the satisfaction of certain key conditions in accordance with the terms and conditions of the sale and purchase agreements with each of Mr. Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Limited, for the acquisition of approximately 15.4% and 29.2% stakes respectively in Kim Eng. The Acquisition was conditional upon the satisfaction of the Key Conditions, including, amongst others, obtaining approvals from Bank Negara Malaysia and the Monetary Authority of Singapore.

In addition to the Acquisition, Maybank also, through Mayban IB Holdings, acquired a further 5.6% stake in Kim Eng from the market on January 7, 2011 and January 10, 2011. In view of this, Maybank will be the majority shareholder of Kim Eng with approximately 50.2% of Kim Eng upon Completion.

Maybank intends to privatise Kim Eng.

Maybank Chairman Tan Sri Dato’ Megat Zaharuddin Megat Mohd Nor said, “This marks an important milestone to the Maybank Group in our aspirations to becoming a Regional Financial Services Leader and strengthening our footprint across ASEAN.”

Maybank President and CEO Dato’ Sri Abdul Wahid Omar said this milestone is timely.

“We have been looking forward to completing the transaction early, and are pleased that we are now in a position to do so. The acquisition will enable the Maybank Group to meet its objective of becoming a leading South-East Asian wholesale bank. The acquisition of additional shares in KEST, via the Thai Tender Offer, will help Maybank further consolidate its shareholding in this leading stockbroking firm in Thailand,” he added.

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