KUALA LUMPUR: BIMB Holdings Bhd says its shareholders and warrant holders have approved the proposed restructuring of its internal reorganisation exercise.
The group said the decision made at its fully virtual extraordinary general meeting (EGM) and court- convened meeting (CCM) yesterday would result in Bank Islam Malaysia Bhd assuming the listing status of BIMB.
BIMB chief executive officer Mohd Muazzam Mohamed said the group thanked all shareholders and warrant holders for their confidence and trust in it for the past 24 years.
Muazzam said the group had received overwhelming support from them during the EGM and CCM, in which almost 100 per cent voted for all the resolutions tabled.
“We look forward to charting another meaningful journey in the Islamic finance sphere with Bank Islam at the helm as the only listed pure-play full-fledged Islamic financial institution,” he added.
The restructuring is expected to be completed in August.
BIMB, which is 52.97 per cent- owned by Lembaga Tabung Haji, fully owns Bank Islam and has a 59.45 per cent stake in Syarikat Takaful Malaysia Keluarga Bhd.
The restructuring exercise will ultimately result in Bank Islam taking over BIMB’s main market listing status, while Syarikat Takaful will retain its separate listing status.
BIMB reportedly announced a series of proposals for its group restructuring on December 11, 2019, but the subsequent Covid-19 pandemic delayed those plans.
The key components to the restructuring are a private placement of new shares to raise RM800 million, a cash consideration to warrant holders for cancelling their exercise rights to the warrants, the disposal of BIMB’s stockbroking and leasing arms to Bank Islam, a distribution-in-specie of Bank Islam and Syarikat Takaful shares to BIMB shareholders and the transfer of BIMB’s listing status.
Source: New Straits Times
