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BIMB to deliberate on Bank Islam stake by end-May
by hlk Wed 15 May 2013, 14:14
KUALA LUMPUR: The board of BIMB Holdings Bhd is set to deliberate on Dubai Financial Group LLC's (DFG) sale of a 30% stake in Bank Islam Malaysia Bhd.
BIMB's group managing director and CEO Johan Abdullah
said on Wednesday: "The other party has offered and we have counter
offered, but there is no official agreement yet. The board is going to
discuss (this) by the end of the month."
He said the sale must have value proposition and earnings accretion for shareholders of the company as a whole.
To recap, Bank Negara Malaysia (BNM)
gave BIMB Holdings until June 30, 2013 to complete its negotiations to
buy DFG's 30% stake in Bank Islam Malaysia. Prior to the extension, BIMB
and DFG had until March 31 to conclude negotiations on Bank Islam.
On
April 8, BIMB had said BNM "has no objection for the extension of time"
after which a formal approval for the proposed acquisition should be
sought.
"The parties must ensure the negotiations are completed within the extended deadline of June 30, 2013," it said.
BIMB's group managing director and CEO Johan Abdullah
said on Wednesday: "The other party has offered and we have counter
offered, but there is no official agreement yet. The board is going to
discuss (this) by the end of the month."
He said the sale must have value proposition and earnings accretion for shareholders of the company as a whole.
To recap, Bank Negara Malaysia (BNM)
gave BIMB Holdings until June 30, 2013 to complete its negotiations to
buy DFG's 30% stake in Bank Islam Malaysia. Prior to the extension, BIMB
and DFG had until March 31 to conclude negotiations on Bank Islam.
On
April 8, BIMB had said BNM "has no objection for the extension of time"
after which a formal approval for the proposed acquisition should be
sought.
"The parties must ensure the negotiations are completed within the extended deadline of June 30, 2013," it said.
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