KUALA LUMPUR: Bank Negara Malaysia has approved Malayan Banking Bhd’s proposed acquisition of Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Ltd (SUTL) for RM51 million.
In its filing with Bursa Malaysia, Maybank said the central bank has approved of its application to acquire the two fund management companies owned by Permodalan Nasional Bhd (PNB).
Maybank had announced on December 13 2017 that the acquisition would be via its wholly-owned unit Maybank Asset Management Group Bhd (MAMG).
The Monetary Authority of Singapore granted its approval regarding the SUTL acquisition on March 7 2018.
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 unit 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 8.34 million new shares in MAMG, for RM50 million or RM6 per subscription share.
PNB will then hold 20 per cent of the enlarged share capital of MAMG, with the remaining 80 per cent belonging to Maybank.
The subscription consideration will be used to part settle the inter-company loan extended by Maybank to MAMG for the planned acquisitions.