CONSOLIDATION: Group led by Alfredo M. Yao to pay 3.19 billion pesos for 89.75pc of Maybank ATR
Malayan Banking Bhd (Maybank) is selling its listed investment banking unit in the Philippines to a group of local investors led by businessman Alfredo M. Yao.
Its subsidiary Maybank Kim Eng Holdings Ltd (Maybank Kim Eng) has agreed to sell 958.92 million shares, or a 89.75 per cent stake, in Maybank ATR Kim Eng Financial Corp for 3.19 billion pesos, or RM237.5 million.
The stake will be sold to Mazy’s Capital Inc, said Maybank ATR in a filing to the Philippine Stock Exchange (PSE) on Wednesday.
The disposal will leave Maybank with Maybank Philippines Inc and Maybank ATR Kim Eng Capital Partners Inc (MATRKECP) in the country.
Maybank ATR said the disposal will pave the way for closer cooperation between the two remaining Maybank subsidiaries in generating revenue and streamlining management.
Yao is the founder of beverage maker Zest-O Corp and the principal stockholder of Zest Air, which is now controlled by AirAsia Group chief executive officer Tan Sri Tony Fernandes.
In compliance with PSE rules, Maybank ATR said a comprehensive corporate disclosure will be submitted within three trading days, from last Wednesday.
Under the deal, Maybank ATR’s assets and liabilities will be consolidated into MATRKECP.
The assets include the listed company’s stake in subsidiaries Asian Life and General Assurance Corp and ATR Kim Eng Land Inc.
This leaves the shell company available for the infusion of Yao’s businesses.
Maybank owns Maybank Kim Eng following its acquisition of Singapore brokerage Kim Eng group for RM4.3 billion in early 2011.
Following the acquisition, the Kim Eng group, which was later known as Maybank Kim Eng Holdings Ltd outside Malaysia, was delisted from the Singapore Stock Exchange.