Friday 29 Mar 2024
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KUALA LUMPUR (Jan 12): Malayan Banking Bhd (Maybank) is disposing of its 68.55% stake in Indonesia-listed PT Wahana Ottomitra Multiartha TBK (WOM Finance) for 673.77 billion rupiah (RM229.08 million).

Maybank said its wholly-owned unit Maybank Indonesia signed an agreement yesterday to sell the stake to PT Reliance Capital Management, a financial services provider.

WOM Finance provides financing for new and used motorcycles, with the majority of consumer financing granted for well-established motorcycle brands.

Although WOM Finance would cease to be a part of Maybank Indonesia, it would continue to be a significant business partner to the group, Maybank said in a filing on Bursa Malaysia today.

"The proposed disposal is part of Maybank Indonesia's strategic initiative to maximise its capital use and streamline its customer segmentation," it added.

Maybank said the disposal, which is expected to be completed by the first quarter of 2017, will not have any effect on the issued and paid-up capital and shareholding of the substantial shareholders of Maybank.

It is also not expected to have any material effect on the earnings per share, net assets per share and gearing of the Maybank group for the financial year ending Dec 31, 2017, it added.

At 3.42pm, shares of Maybank rose 1 sen or 0.12% to RM8.31 with a volume of 4.53 million. It has a market capitalisation of RM84.7 billion.

 

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