DRB-Hicom not divesting entire Bank Muamalat stake (1619)

KUALA LUMPUR: DRB-Hicom Bhd will not totally divest its stake in Bank Muamalat Malaysia Bhd to Affin Holdings Bhd but just paring down in accordance to the requirement of Bank Negara Malaysia (BNM).
"As to what the scheme is and how, I'm not privy to it," Bank Muamalat Malaysia Bhd chief executive officer, Datuk Redza Shah Abdul Wahid, told reporters after singing an MoU between the bank, Cuepacs and Kelab Pesara Kerajaan Malaysia (KUPEKMAS) here on Thursday.
He
said this when asked on the status of the talks between Affin and
DRB-HICOM for a possible acquisition of equity interest in Bank
Muamalat and would these negotiations eventually lead to a merger and
acquisition (M&A).
BNM had in mid-August given Affin
permission to commence talks with Bank Muamalat's owner DRB-HICOM,
which has a 70 per cent stake and Khazanah Nasional Bhd with 30 per cent on a possible stake acquisition.
"As
part of the management team I believe the shareholders at some stage
will be getting together to commence the negotiation," he said. -
Bernama