CIMB Bank sells stake in SEA Bank for RM40mil


  • Business
  • Wednesday, 02 Apr 2008

PETALING JAYA: Bumiputra-Commerce Holdings Bhd (BCHB) subsidiary CIMB Bank is selling its 60% stake in SEA Bank for 339 million Mauritius rupees (RM40mil) to British American Investment Co Ltd.

“The proposed disposal will result in a gain of about RM15.9mil to BCHB group,” it said in a statement to Bursa Malaysia yesterday.

BCHB said the proposed disposal would not have any effect on its issued and paid-up 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, the group 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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