Hong Leong's investment banks to undergo $80.36M rationalisation

Hong Leong Capital is proposing a US$80.36 million rationalisation plan of Hong Leong Investment Bank Bhd and its newly acquired MIMB Investment Bank Bhd.

Hong Leong Investment has entered into a business transfer agreement under which it would transfer its entire assets, liabilities, activities, business and undertakings to MIMB.

The banking group said the provisional consideration of RM251.3 million would be satisfied by MIMB via cash of RM159.669 million, 90 million new ordinary shares of RM1 each in MIMB and 163,076,524 new redeemable preference shares of RM0.01 each in MIMB.

“The proposed business rationalisation will not have any effect on the issued and paid-up capital and substantial shareholders’ shareholdings of Hong Leong Capital, and is not expected to have any material effect on the earnings per share, net assets per share and gearing of the group for the financial year ending June 30, 2013,” said Hong Leong Capital.

It added that the proposed business rationalisation was approved by the Securisties Commission on March 16

For more.

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