Published: 2011/05/05

Malayan Banking Bhd, through its wholly-owned subsidiary, Mayban IB Holdings  Sdn Bhd, intends to privatize Kim Eng Holdings Ltd, after acquiring a  controlling stake in the stockbroking group currently listed on the Singapore  Exchange.

This follows the expectation that it would complete the  acquisition of stakes in Kim Eng, held by Ronald Anthony Ooi Thean Yat (15.4 per  cent), and Yuanta Securities Asia Financial Services Limited (29.2 per cent),  next week.

Upon completion, Maybank would be the majority shareholder of  Kim Eng with approximately 50.2 per cent interest.

In a statement today,  Maybank announced its firm intention to make a mandatory unconditional cash  offer to acquire all the ordinary shares of Kim Eng, other than those already  owned by Mayban IB Holdings, its related corporations and their respective  nominees, at a price of S$3.10 per share.

As Kim Eng and its  subsidiaries hold approximately 55.75 per cent of the paid-up shares in Kim Eng  Securities (Thailand) Public Company Limited (KEST), Mayban IB Holdings would be  required to make an offer for all the issued shares in KEST.

Mayban IB  Holdings will, following the acquisition of the stake from Ooi and Yuanta  Securities, announce its intention to make the Thai tender offer at Baht16.00  for each share in KEST, said Maybank.

Maybank President and Chief  Executive Officer Datuk Seri Abdul Wahid Omar said the group has been looking  forward to complete the transaction early and was pleased that it was now in a  position to do so.

The acquisition would 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, would help Maybank further consolidate its shareholding in the leading  Thai stockbroking, he added. — Bernama

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