Trading in BIMB shares to be suspended tomorrow, pending fundraising announcement

(File photo by Google)

(File photo by Google)

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KUALA LUMPUR (April 12): Trading in the shares of BIMB Holdings Bhd will be suspended tomorrow, pending a material announcement in relation to a fundraising exercise to be released by the group.

In a bourse filing today, the banking group said it has requested for a suspension of trading for the whole day tomorrow.

"The request for suspension is made under Paragraph 3.1(b) of Practice Note 2 on requests for suspension of the Main Market listing requirements of Bursa Malaysia. Bursa has today, approved the request," it added.

The group is in the midst of a restructuring exercise that is set to be completed by August.

BIMB fully controls Bank Islam Malaysia Bhd and maintains a 59.45% stake in takaful provider Syarikat Takaful Malaysia Keluarga Bhd (STMK).

Once the exercise has been completed, Bank Islam will take over BIMB’s Main Market listing status, while STMK will retain its separate listing status on the local bourse.

BIMB shareholders voted on the plan at its extraordinary general meeting on March 31 and have given the green light for the exercise to proceed.

Shares in BIMB closed 0.76% or three sen lower at RM3.94 today, valuing it at RM7.3 billion.

Jenny Ng