Maybank acquires stake in Kim Eng

Mayban IB, formerly known as Aseam Credit, announced the completion of the acquisition for 44.63% of the issued share capital of Kim Eng.

On behalf of Maybank's subsidiary, Mayban IB, Nomura announced that all the ordinary shares other than those shares already owned by Mayban IB, its related corporation and their respective nominees have already been acquired.

Together with the market purchases on January 7, 2011 and January 10, 2011 for approximately 5.6% stake in Kim Eng, Maybank now owns a majority interest of 50.2% in Kim Eng, said Maybank in a statement.

The completion of the Acquisition closely follows Maybank’s announcement of May 5, 2011 stating its firm intention to make a mandatory unconditional cash offer for all the ordinary shares in the capital of Kim Eng other than those already owned by Mayban IB Holdings, its related corporations and their respective nominees pursuant to the satisfaction of the pre-condition to the making of the Offer.

According to Kim Eng, the Acquisition has been completed in accordance with the Share Purchase Agreements.