Maybank take over Kim Eng

Malayan Banking Berhad purchase of 44.6% stake in Kim Eng Holdings Limited at S$3.10 per share becomes unconditional together with the 5.6% stake acquired in January 2011.

Maybank will own 50.2% of Kim EngMaybank to make an unconditional general offer for remaining shares in Kim Eng. With the intention to privatise the company following completion Maybank to announce intention to make a tender offer for Kim Eng Securities (Thailand) (KEST) at a price of Baht 16.00 per share.

Maybank, through its wholly-owned subsidiary, Mayban IB Holdings Sdn. Bhd. (formerly known as Aseam Credit Sdn. Bhd.) 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.

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. Maybank expects completion of the Acquisition to take place next week.
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 with approximately 50.2% of Kim Eng upon completion.