KUALA LUMPUR: MALAYAN BANKING BHD [] is going ahead with its plan to undertake a mandatory unconditional cash offer to acquire all the ordinary shares of Kim Eng Holdings Ltd at a price of S$3.10 per share.
Maybank said on Thursday, May 5 the pre-condition to the making of the offer was to satisfy certain key conditions in the sale and purchase agreements with Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Ltd, to acquire 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,' it said.
In addition to the acquisition, Maybank, had via Mayban Investment Bank Holdings, acquired a further 5.6% stake in Kim Eng from the market on Jan 7, 2011 and Jan 10, 2011.
'In view of this, Maybank will be the majority shareholder of Kim Eng with approximately 50.2% of Kim Eng upon completion,' it said.
Maybank said on Thursday, May 5 the pre-condition to the making of the offer was to satisfy certain key conditions in the sale and purchase agreements with Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Ltd, to acquire 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,' it said.
In addition to the acquisition, Maybank, had via Mayban Investment Bank Holdings, acquired a further 5.6% stake in Kim Eng from the market on Jan 7, 2011 and Jan 10, 2011.
'In view of this, Maybank will be the majority shareholder of Kim Eng with approximately 50.2% of Kim Eng upon completion,' it said.
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