BIMB Holdings gets Bursa’s nod for listing of rights issue, warrants

Published: Wednesday September 18, 2013 MYT 4:12:00 PM
Updated: Wednesday September 18, 2013 MYT 4:28:33 PM
BIMB Holdings gets Bursa’s nod for listing of rights issue, warrants

KUALA LUMPUR: BIMB Holdings Bhd, which has made a multi-billion ringgit takeover of the remaining 49% stake in Bank Islam Malaysia Bhd, has received Bursa Malaysia Securities’ approval for listing of the proposed rights issue with warrants.

BIMB said on Wednesday Bursa Securities had approved the listing of the 426.71 million warrants pursuant to the proposed rights issue with warrants.

Also approved were the listing of 426.71 million BIMB share pursuant to the proposed rights issue with warrants; and also the listing of 426.71 million shares following the exercise of the warrants.

In August, BIMB had announced the proposed acquisition of the remaining stake in Bank Islam – 30.5% from the Dubai Financial Group and 18.5% from Lembaga Tabung Haji – for a total cash consideration of US$884.6mil (RM2.87bil).

This was to be financed via a two-for-five rights issue of 426.7 million new shares and a sukuk issuance of up to RM1.47bil.

On Sept 2, BIMB said Bank Negara Malaysia had approved its proposed acquisition of the remaining 49% stake in Bank Islam.

However, the central bank rejected BIMB’s proposed move to issue sukuk using the Bank Islam’s shares as security for the debt.