CIMB Group buys remaining 0.0008% shares of CIMB Bank for RM1.4 million

KUALA LUMPUR: CIMB Group Holdings Bhd plans to acquire the remaining 0.0008% of CIMB Bank Bhd for RM1.4 million, as part of its plan to rationalize its shareholding structure.

In a filing with Bursa Malaysia, the bank said the exercise involves a plan of members arrangement (plan) to be undertaken with its ordinary shareholders in accordance with the Malaysian Companies Act 2016, and does not involve no arrangement with a creditor of CIMB Bank. .

The scheme is subject to the approval of the ordinary shareholders of CIMB Bank at a meeting called by the court and the sanction of the scheme by the High Court of Malaysia.

He said the program provides an opportunity for CIMB Bank’s small remaining non-CIMB Group ordinary shareholders (minority shareholders) to realize their investment in CIMB Bank at an attractive premium and valuation.

“CIMB Bank has appointed an independent valuator to adjudicate on the offer price to ensure fairness of the offer price for minority shareholders,” he said.

The plan, including the offer price, was established after considering the interests and needs of CIMB Bank, the minority shareholders and the CIMB Group.

“Minority shareholders who wish to remain indirectly invested in CIMB Bank can use the cash proceeds to acquire CIMB Group’s listed shares, which are more liquid,” he said.

CIMB Group said the program is expected to result in cost savings through improved administrative procedures, such as maintaining and updating information records, holding physical meetings shareholders with, sending notices and issuing dividend payments. to minority shareholders, as well as processing unclaimed sums belonging to unreachable shareholders and responding to requests from minority shareholders.

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