Maybank to acquire Kim Eng

Kuala Lumpur – Maybank, through its wholly-owned subsidiary, Mayban IB Holdings Sdn. Bhd. announced its firm intention to make a mandatory unconditional cash offer to acquire all the ordinary shares of Kim Eng Holdings Limited (Kim Eng), other than those already owned by Mayban IB Holdings, its related corporations and their respective nominees for S$3.10 per share.

The pre-condition to the making of the offer was the satisfaction of certain key conditions in accordance with the terms and conditions of the sale and purchase agreements with each of Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Ltd., for the acquisition of approximately 15.4-percent and 29.2-percent stake, respectively in Kim Eng.

Maybank expects completion of the Acquisition to take place next week.

In addition to the Acquisition, Maybank also, through Mayban IB Holdings, acquired a further 5.6 percent 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 percent of Kim Eng.

Pursuant to the satisfaction of the pre-condition, Maybank, through Mayban IB Holdings, has announced its firm intention to make the offer. Maybank intends to privatize Kim Eng.