CIMB Group Sdn Bhd completed the spin-off of 5.4% stake in PT Bank CIMB Niaga Tbk for IDR 1.4 trillion.
August 30, 2016 at 05:00 am
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CIMB Group Sdn Bhd agreed to spin off 5.4% stake in PT Bank CIMB Niaga Tbk (JKSE:BNGA) on June 15, 2016. CIMB Group has proposed a special interim dividend-in-specie involving the distribution of 1.367 billion existing PT Bank CIMB Niaga TBK class B Shares. The proposed dividend-in-specie shall be undertaken on the basis of one dividend share for every 6.39 ordinary shares in CIMB Group. Entitled shareholders who hold fewer than 639 CIMBGH shares will receive cash in lieu of the actual number of dividend shares that they would otherwise be entitled to receive under the transaction.The transaction has been approved by Bank Negara Malaysia on June 15, 2016. The proposed dividend-in-specie is not subject to the approval of the shareholders of CIMB Group or any other regulatory authorities. CIMB Group Sdn Bhd completed the spin-off of 5.4% stake in PT Bank CIMB Niaga Tbk (JKSE:BNGA) for IDR 1.4 trillion on August 30, 2016. Under the terms, the shares are spun off at IDR 1025 per share. On August 29, 2016 285 million shares were spun off and the remaining on August 30, 2016.
PT Bank CIMB Niaga Tbk (the Bank) is an Indonesia-based company, which is engaged providing general banking services. The Bank operates through seven segments: Corporate, Business, Retail, Treasury, Sharia, Subsidiaries, and Others. The Corporate segment includes loans, deposits and other transactions, and balances with corporate customers. The Business segment includes products and services for customer segments comprising small to medium scale enterprises. The Retail segment focuses on products and services for individual customers. This segment includes products, such as loans, deposits and other transactions, and balances with retail customers. The Treasury segment undertakes its treasury activities, which include foreign exchange, money market, derivatives, and investing in placements and securities transactions. The Sharia segment includes all transactions relating to Sharia Business Unit. The Subsidiaries segment includes all transactions relating to subsidiaries businesses.