Maybank sells ops in PNG for RM418mil

Malayan Banking Berhad Group President & Chief Executive Officer Datuk Abdul Farid Alias launching two new digital banking applications - Maybank Treats and Maybank Property Finder

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is selling it operations in Papua New Guinea (PNG)for RM418mil, as the country’s biggest bank focuses its efforts and resources to expand in Asean and Greater China.

Maybank said in a filing with Bursa Malaysia that it had entered into a share sale agreement (SSA) with Kina Ventures Ltd and Kina Securities Ltd of PNG, for the proposed disposal of Maybank’s entire equity interest in Maybank (PNG) Ltd (MPNG) and Mayban Property (PNG) Ltd (MPPNG) to Kina Ventures.