Bursa Community
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Bursa Community

Bursa Malaysia Stock Forum - Enriching You!


Shareholders approve Bank Islam acquisition, to complete deal by Dec

Bursa Community :: Community News

Go down

Shareholders approve Bank Islam acquisition, to complete deal by Dec Empty Shareholders approve Bank Islam acquisition, to complete deal by Dec

Post by Cals Thu 17 Oct 2013, 15:15

Shareholders approve Bank Islam acquisition, to complete deal by Dec
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com   
Thursday, 17 October 2013 13:28
KUALA LUMPUR (Oct 17): BIMB Holdings Bhd (BHB) shareholders today approved the acquisition of the remaining 49% equity interest in Bank Islam Malaysia. 

Group managing director and CEO Johan Abdullah said the deal should be complete by mid-December this year. 

The acquisition will be funded via a combination of a rights and warrants issue as well as sukuk issuance. 

The issue price for the instruments have yet to be fixed. 

To recap, BHB proposed to buy out the 30.47% stake held by Dubai Financial Group and the 18.53% stake held by Lembaga Tabung Haji in Bank Islam for a total of US$884.6 million. 

The rationale behind the purchase is to consolidate the BHB group and to facilitate the implementation of coherent group wode corporate strategies and proposals.
Cals
Cals
Administrator
Administrator

Posts : 25277 Credits : 57721 Reputation : 1766
Male Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it I’️d have been right perhaps as often as seven out of ten times.”
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

Back to top Go down

Back to top

- Similar topics

Bursa Community :: Community News

 
Permissions in this forum:
You cannot reply to topics in this forum