Maybank sells entire stake in Visa Inc for RM413mil

Malayan Banking Bhd (Maybank) logo is seen at the bank's Wisma Sime Darby, Kuala Lumpur branch. (Pic taken by Hafidz Mahpar for Star Online)

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has sold all its shareholding in Visa Inc, comprising 1.19 million Class A common shares, for US$93.9mil (RM412.8mil).

In a filing with Bursa Malaysia on Wednesday, the company said this was part of its strategy to be more capital efficient by rationalising its non-core assets.

“The proceeds from the shares disposal will be utilised for additional working capital purposes,” it said.

Maybank noted that its existing business relationship with the global payments technology company would continue to be a priority and would not be affected by the share disposal.

The financial services group expected the share disposal to have a positive material effect on its earnings and earnings per share for the financial year ending Dec 31, 2016.