Bank Muamalat ready for listing
Published on: Wednesday, May 04, 2016
Kuala Lumpur: Bank Muamalat Malaysia Bhd is ready to list on Bursa Malaysia if the shareholders said so, said Chairman Tan Sri Dr Munir Majid.He said the shareholders would certainly look for ways to add values to their holdings and find ways, including listing."If such a corporate exercise reaches us, we will have to deal with it.
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Listing as an option has being mentioned before. "We are a small bank that needs to grow – organic or merger and acquisition (M&A)," he told reporters after the bank signed a Corporate Integrity Pledge (CIP) here Tuesday. The bank held an Integrity Day and signed the pledge with Malaysia Anti-Corruption Commission (MACC).
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Mohd Redza signed the pledge, witnessed by Munir and MACC's Deputy Chief Commissioner (Prevention), Datuk Seri Mustafar Ali. Bank Muamalat is a member of the DRB-HICOM Bhd.
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The public-listed group owns 70 per cent stake and state investment arm, Khazanah Nasional Bhd, the rest.DRB-HICOM is required to pare down its stake in Bank Muamalat to 40 per cent to comply with Bank Negara Malaysia's (BNM) requirements.It is still dealing with the central bank over the issue, as Bank Muamalat's proposed merger with Malaysia Building Society Bhd has not materialised.Munir said the shareholders were better at answering the shareholding issue."As at this moment, the bank's prime concern is on the business operations issues," he said, when asked on the duration given to comply with the BNM's guidance. Both listing and M&A would result in a dilution of shareholdings, he said. Meanwhile, the bank's Chief Executive Officer, Datuk Mohd Redza Shah Abdul Wahid, said the listing must benefit the shareholders value-wise and the market must be right and conducive."The shareholders and the bank will look at those two factors. There are many stakeholders. Stay up-to-date by following Daily Express’s Telegram channel.
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