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Malayan Banking, Malaysia’s biggest lender by assets, said it will make a mandatory unconditional cash offer for the shares it doesn’t already own in Kim Eng Holdings Ltd., privatizing the Singapore-based brokerage.
Maybank, as the Kuala Lumpur-based company is known, will offer $3.10 per share, according to an e-mailed statement today. It has obtained approval from Bank Negara Malaysia and the Monetary Authority of Singapore, the company said.
Maybank expects the transaction to be completed next week, according to the statement. It also plans to announce an offer for Kim Eng Securities (Thailand) at 16 baht per share.
