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BackJul 10, 2014
Type Announcement
Subject OTHERS
Description BANK NEGARA MALAYSIA ("BNM") APPROVAL TO COMMENCE NEGOTIATIONS AND EXCLUSIVITY AGREEMENT BETWEEN MALAYSIA BUILDING SOCIETY BERHAD (“MBSB”), CIMB GROUP HOLDINGS BERHAD (“CIMB GROUP”) AND RHB CAPITAL BERHAD (“RHB CAPITAL”)

We wish to announce that BNM has, via its letter dated 10 July 2014, stated that it has no objection for MBSB, to commence negotiations with (i) CIMB Group and/or its nominees; and (ii) RHB Capital and/or its nominees for a proposed merger of their businesses and undertakings and the creation of an enlarged Islamic banking franchise  (“Proposed Merger”).  The approval to commence negotiations is valid for a period of 6 months from the date of BNM’s letter.  

(MBSB, CIMB Group and RHB Capital are collectively defined as the “Parties”)

Pursuant to BNM’s approval, the Parties have on the same day, entered into an exclusivity agreement to negotiate and finalise pricing, structure, and other relevant terms and conditions for the Proposed Merger for a period of ninety (90) days  (unless otherwise agreed by the Parties) (“Exclusivity Period”).  There will be an automatic extension of the Exclusivity Period upon submissions being made to BNM by the Parties on the Proposed Merger until the date of execution of the relevant definitive agreement(s) to effect the Proposed Merger.

All consideration used to effect the Proposed Merger shall be referenced to the respective closing market price of MBSB, CIMB Group and RHB Capital as at 9 July 2014.

Further details on the Proposed Merger will be announced in due course.

This announcement is dated 10 July 2014.

 


Announcement Info

Company Name MALAYSIA BUILDING SOCIETY BERHAD  
Stock Name MBSB    
Date Announced 10 Jul 2014  
Category General Announcement
Reference No MB-140710-58075

Attachments

  1. MBSB_100714.pdf (Size: 99,246 bytes)