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Bank Muamalat Malaysia seeks to list on Malaysian bourse

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Bank Muamalat Malaysia seeks to list on Malaysian bourse

Mohd Munir Abdul Majid, chairman of Bank Muamalat Malaysia Bhd., said the bank is set to liston Bursa Malaysia Bhd.,Bernama reported May 3.

Mohd Redza Shah Abdul Wahid, the bank's CEO, said the proposedlisting on the Malaysian bourse needs to produce value for the bank's shareholders.

The shareholders will have final decision on approval and timingfor the listing, the CEO said.

DRB-HICOM Bhd. needs to cut its stake in the bank to 40% to meetBank Negara Malaysia's requirements.

Munir also said that both an M&A transaction and the bank'sproposed listing would lead to a dilution of shareholdings, the newswire reported.

Previous efforts to mergeMalaysia Building Society Bhd.and Bank Muamalat Malaysia fell through.