KUALA LUMPUR (April 20): Malayan Banking Bhd (Maybank) has received the go-ahead from Bank Negara Malaysia to acquire Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Ltd (SUTL) for RM51 million cash.

In a filing with Bursa Malaysia today, Maybank said the central bank has approved the application in relation to the proposed acquisitions.

On Dec 13 last year, Maybank had announced its wholly-owned subsidiary Maybank Asset Management Group Bhd's (MAMG) intention to acquire the two fund management companies owned by Permodalan Nasional Bhd (PNB).

On March 7, Maybank had received the Monetary Authority of Singapore's approval for MAMG to acquire SUTL.
 
Both firms are involved in unit trust funds management, with AMB focusing on retail clients and SUTL on institutional clients.

AMB is a wholly-owned subsidiary of Amanah Saham Nasional Bhd while SUTL is fully owned by PNB International Ltd (PIL). In turn, ASNB and PIL are wholly-owned by PNB, which is also the major shareholder of Maybank.

MAMG had also inked a conditional share subscription agreement with PNB for the subscription of some 8.34 million new shares in MAMG, for RM50 million or RM6 per subscription share. PNB will then hold 20% of the enlarged share capital of MAMG, with the remaining 80% belonging to Maybank.

The subscription consideration will be used to part settle the inter-company loan extended by Maybank to MAMG for the proposed acquisitions.

Maybank shares closed 4 sen or 0.38% higher at RM10.72 today, with 8.12 million shares done, bringing it a market capitalisation of RM116.98 billion.