CIMB Bank Announces Plans To Streamline Shareholding Structure

CIMB Bank Berhad announced plans to streamline its shareholding structure which will result in CIMB Group Sdn Bhd, a wholly-owned subsidiary of CIMB Group Holdings Berhad, acquiring all the remaining ordinary shares of approximately 0.0008% in CIMB Bank that it does not already own, for a total consideration of approximately RM1.4 million.

CIMB adds the Scheme will provide an opportunity to Minority Shareholdes the remaining small number of existing non-CIMBGH ordinary shareholders of CIMB Bank to realise their investment at an attractive premium and valuation.

The Scheme is expected to lead to cost savings, and in turn, improve earnings for CIMB Bank, by way of improving certain administrative procedures, such as those relating to maintaining and updating the records of information, holding physical shareholders’ meetings, and dispatching notices and issuance of dividend payments to the Minority Shareholders, as well as dealing with unclaimed monies belonging to uncontactable Minority Shareholders and attending to Minority Shareholders’ queries.

CIMB said the Scheme is expected to improve operational and administrative efficiencies for CIMB Bank.

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