Maybank AM, Group - Cessation of Subsidiary - Maybank Asset Management Thailand Co Ltd
Malayan Banking Berhad ("Maybank") wishes to announce that one of its subsidiaries, Maybank Asset Management Group Berhad (“MAMG”) has sold 26,999,998 shares in Maybank Asset Management Thailand Co Ltd (“MAMT”), representing its 99.99% ownership in MAMT to a Thailand-based company named as Capital Link Holding Limited on 9 August 2016 (“Closing Date”) (“the Sale”).
Based on MAMT’s audited account as at 30 June 2016, the total net book value was THB103.1 million or approximately RM11.9 million.
The Sale was completed as part of MAMG’s continuous effort and strategy to improve its regional business operations and optimise the company’s current resources in the most efficient manner. MAMT ceased to be an indirect subsidiary of Maybank with effect from the Closing Date.
The Sale will not have any effect on the share capital of Maybank and substantial shareholders’ shareholdings in Maybank and does not have any material effect on the consolidated earnings and net assets of Maybank for the financial year ending 31 December 2016.
None of the directors and substantial shareholders of Maybank and/or persons connected to them have any interest, direct or indirect, in the Sale.
This announcement is dated 10 August 2016.
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