Malayan Banking Bhd., or Maybank, agreed to acquire two subsidiaries of Permodalan Nasional Bhd. for an aggregate of 51 million Malaysian ringgit.
The lender, through unit Maybank Asset Management Group Bhd., will acquire a 100% stake, equivalent to 5,000,000 ordinary shares, in Amanah Mutual Bhd. from Amanah Saham Nasional Bhd., a wholly owned unit of Permodalan Nasional, for a cash consideration of 16.12 million ringgit, according to a Dec. 13 release. Amanah Mutual manages unit trust funds.
Maybank Asset Management will also acquire a 100% stake, equivalent to 940,000 ordinary shares, in Singapore Unit Trusts Ltd. from Permodalan Nasional unit PNB International Ltd. for a cash consideration of 34.88 million ringgit. Singapore Unit Trusts is a provider of fund management services.
In addition, Permodalan Nasional will subscribe to 8,336,404 new ordinary shares of Maybank Asset Management, equivalent to 20% of the company's enlarged issued share capital, for 50 million ringgit, or approximately 6 ringgit per subscription share.
The proposed acquisitions will not have any effect on Maybank's share capital and its earnings for the financial year ending Dec. 31.
Subject to relevant regulatory approvals, the transaction is expected to be completed in the first half of 2018.
As of Dec. 13, US$1 was equivalent to 4.08 Malaysian ringgit.
