CAHB pact on Bank Muamalat stake sale

  • Business
  • Thursday, 07 Aug 2003

COMMERCE Asset-Holding Bhd (CAHB) has signed a memorandum of agreement (MoA) to sell up to 30% of Bank Muamalat to Bukhary Capital Sdn Bhd. 

Last month, CAHB had obtained Bank Negara’s approval to start negotiations with Bukhary on the disposal of its interest in the Islamic bank. 

CAHB said in a statement the MoA set out the intention of the parties to enter into discussions, the procedures for the conduct of a due diligence review, and confidentiality undertakings of the parties. 

The MoA is valid till a sale and purchase agreement is executed or till Sept 17, whichever comes first. 

Khazanah Nasional Bhd chief operating officer Anwar Aji has said earlier that Khazanah, which holds 70% of Bank Muamalat, has also gained Bank Negara’s approval to start talks to sell a 40% stake to Bukhary. – AFX 

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