Maybank has entered into a conditional share sale agreement with PNB to acquire shares representing 20% of the total issued shares in Maybank Asset Management Group Berhad for RM70.3 million.
The deal dates back to 2018 when Maybank announced the completion of the subscription by PNB 8,336,404 ordinary shares in MAMG, representing 20% of the enlarged issued share capital of MAMG. On even date, both parties and MAMG entered into a shareholders’ agreement whereby PNB was granted a put option to require Maybank to acquire all of the MAMG Shares held by PNB at an exercise price that is equivalent to the fair market value of the MAMG Shares held by PNB
as determined by an expert appointed by the Company and PNB.
The Put Option was exercised by PNB in 2022 and both parties had jointly appointed PricewaterhouseCoopers Capital Sdn Bhd to determine the Fair Value in accordance with the terms of the Shareholders’ Agreement. PwC Capital has
determined the Fair Value to be RM70,391,800 using the market approach, which takes into consideration the comparative analysis based on the implied price to assets-undermanagement multiple of targets of selected comparable transactions. The purchase consideration will be satisfied in cash and funded by internally generated funds.
Upon completion of the Proposed Acquisition, MAMG will be a wholly-owned subsidiary of Maybank.
The Proposed Acquisition is, however, subject to approvals from the Securities Commission Malaysia and the Monetary Authority of Singapore
