CIMB Bank sells 60% stake in SEA Bank for RM40mil


MYT 6:25:23 PM

KUALA LUMPUR: Bumiputra-Commerce Holdings Bhd's subsidiary CIMB Bank is selling its 60% stake in SEA Bank for 339mil Mauritius rupees (RM40mil) to British American Investment Co. (Mtius) Ltd.

"The proposed disposal will result in a gain of approximately RM15.9mil to BCHB Group," it said in a statement to Bursa Malaysia Tuesday.

BCHB said the proposed disposal would not have any effect on BCHB's issued and paid-up share capital and shareholdings of its substantial shareholder. The proposed disposal would also not have any material effect on BCHB Group's net tangible assets.

In December last year, it announced plans to dispose of the SEA BAnk stake, stating the disposal was in line with BCHB's strategy to divest all its investments in non-core markets.

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