BIMB Holdings Berhad (BIMB) has announced it will proceed with its proposed group restructuring exercise that will unlock significant value for shareholders and transfer its listing status to its subsidiary, Bank Islam Malaysia Berhad (Bank Islam).
In its announcement to Bursa Malaysia Securities Berhad on the proposed exercise, BIMB said it has received approval from the Minister of Finance and Bank Negara Malaysia (BNM) in relation to the proposed internal reorganisation and distribution and capital repayment.
Upon completion of the proposed exercise, BIMB’s listing status will be transferred to Bank Islam, which will emerge as the one and only full-fledged Islamic financial institution to be listed in the region and enhance its corporate stature.
This listing will allow Bank Islam to better position itself in the Islamic finance and Islamic capital market and capitalise on the growth of both markets in its efforts to expand its customer base.
The principal adviser for the exercise is Maybank IB.
