Maybank Indonesia's Disposal Of Stake In WOM Finance Terminated

KUALA LUMPUR, May 4 (Bernama) -- The disposal of Malayan Banking Bhd (Maybank)'s Indonesian unit's entire equity interest in WOM Finance has been terminated, as certain conditions precedent to the conditional shares purchase agreement (CSPA) had not been fulfilled. As such, WOM Finance would continue to be a subsidiary of Maybank Indonesia, said the bank in a filing to Bursa Malaysia Thursday. Earlier, Maybank planned to dispose its entire 68.55 per cent stake in WOM Finance to PT Reliance Capital Management (RCM), for approximately RM229.08 million (US$52.9 million), and had entered into a CSPA with RCM for the purpose on Jan 11, 2017. The proposed disposal and its termination were not expected to have any material effect on the earnings per share and net assets per share of the Maybank group for the financial year ending Dec 31, 2017. (US$1 = RM4.32) -- BERNAMA Copy Print Export