Maybank subsidiary takes over 90% of Kim Eng

Mayban IB Holdings can exercise its right of compulsory acquisition of all Kim Eng Shares at US$2.51 per share.

Maybank's wholly-owned subsidiary, Mayban IB Holdings Sdn Bhd, owns, controls or has acquired not less than 90 per cent of Singapore-based Kim Eng Holdings Limited Shares, a securities and investment broking group.

Accordingly, Mayban IB Holdings is entitled to, and will, in due course, exercise its right of compulsory acquisition under Section 215 (1) of the Companies Act, to acquire all Kim Eng Shares at S$3.10 (US$2.51) per share, Maybank said in a filing to Bursa Malaysia.

Mayban IB Holdings had received valid acceptance of 45.18 per cent of Kim Eng shares in issue, as at June 17, 2011, which when taken together with the Kim Eng shares already held by Mayban IB, represented approximately 95.39 per cent of the Kim Eng shares in issue, according to a report in Bernama.