Maybank to acquire 20% of MAMG from PNB for RM70.39mil

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has proposed to acquire 8.34 million ordinary shares in Maybank Asset Management Group Bhd (MAMG), representing 20 per cent of the total issued share capital of MAMG, from Permodalan Nasional Bhd (PNB) for RM70.39 million in cash.

In a filing with Bursa Malaysia today, Maybank said it has entered into a conditional share sale agreement with PNB in relation to the proposed acquisition, pursuant to the exercise of a put option it granted earlier to PNB.