BIMB receives notification on Bank Muamalat stake

BIMB Holdings Bhd has confirmed receiving notification from Khazanah Nasional Bhd and DRB-Hicom Bhd on the sale of their stake in Bank Muamalat Malaysia Bhd to the company.

Group managing director/chief executive officer Johan Abdullah will bring up the matter at the board meeting on May 25, for further discussions.

"They want to sell and have identifed us as a potential buyer," he told reporters after the company's annual general meeting here Thursday.

Johan said if the board agrees to the proposed acquisition, BIMB Holdings will seek approval from Bank Negara Malaysia, before proceeding to negotiate with Khazanah Nasional Bhd and DRB-Hicom Bhd.

A news report last month stated that Khazanah Nasional plans to sell its 30 per cent stake in Bank Muamalat as part of its mission to gradually divest all its non-core holdings and assets.

DRB-HICOM which has a 70 per cent stake in Bank Muamalat needs to sell down its holding to 40 per cent, to meet the requirement of Bank Negara.