KUALA LUMPUR: CIMB Group Holdings Bhd is planning to purchase the remaining 0.0008% in CIMB Bank Bhd for RM1.4mil, as its plan to streamline its shareholding construction.
In a submitting with Bursa Malaysia, the financial institution mentioned the train includes a members’ scheme of association (scheme) that can be undertaken with its extraordinary shareholders pursuant to the Malaysian Companies Act 2016, and doesn’t contain any association with any creditor of CIMB Bank.
The scheme is topic to the approval of the extraordinary shareholders of CIMB Bank at a court-convened assembly and sanction of the scheme by the High Court of Malaya.
It mentioned the scheme gives a possibility to the remaining small variety of current non-CIMB Group extraordinary shareholders of CIMB Bank (minority shareholders) to realise their funding in CIMB Bank at a lovely premium and valuation.
“CIMB Bank has appointed an independent valuer to opine on the offer price to ensure the fairness of the offer price to the minority shareholders,” it mentioned.
The scheme, together with the supply value, was arrived at after taking into account the pursuits and wishes of CIMB Bank, the minority shareholders and CIMB Group.
“Minority shareholders who wish to remain indirectly invested in CIMB Bank may use the cash proceeds to acquire the listed shares of CIMB Group, which are more liquid,” it mentioned.
CIMB Group mentioned the scheme is predicted to lead to price financial savings by the use of bettering sure administrative procedures, akin to these relating to sustaining and updating the data of data on, holding of bodily shareholders’ conferences with, and dispatching notices and issuance of dividend funds to the minority shareholders, in addition to coping with unclaimed monies belonging to uncontactable shareholders and attending to minority shareholders’ queries.