Malayan Banking Berhad

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Maybank was founded by Malaysian business tycoon Khoo Teck Puat, who died in 2004. The company was led by President and CEO Amirsham Abdul Aziz for some two decades until March 2008 after which he was appointed Minister in the Prime Minister's Department in-charge of the Economic Planning Unit, a post he held until April 2009. Dato' Sri Abdul Wahid Omar was officially appointed as President & CEO of Maybank Group in May 2008.

As of June 30, 2010, Maybank is the largest Malaysian bank, boasting group assets worth RM337 billion (US$106 billion), placing it among the top 120 banks worldwide. Malayan Banking is also a listed corporation on Bursa Malaysia.

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Maybank subsidiary takes over 90% of Kim Eng

Mayban IB Holdings can exercise its right of compulsory acquisition of all Kim Eng Shares at US$2.51 per share.

Maybank's wholly-owned subsidiary, Mayban IB Holdings Sdn Bhd, owns, controls or has acquired not less than 90 per cent of Singapore-based Kim Eng Holdings Limited Shares, a securities and investment broking group.

Accordingly, Mayban IB Holdings is entitled to, and will, in due course, exercise its right of compulsory acquisition under Section 215 (1) of the Companies Act, to acquire all Kim Eng Shares at S$3.10 (US$2.51) per share, Maybank said in a filing to Bursa Malaysia.

Mayban IB Holdings had received valid acceptance of 45.18 per cent of Kim Eng shares in issue, as at June 17, 2011, which when taken together with the Kim Eng shares already held by Mayban IB, represented approximately 95.39 per cent of the Kim Eng shares in issue, according to a report in Bernama.

Tags: Maybank subsidiary, Mayban IB Holdings acquisition, Kim Eng sale

As Malaysian, I would highly recommend this banking stock due

- Good profit history track records
- Good dividend payout records

This is kind of stock which if you buy 1 dollar 30 years ago and keep it till today, you will become millionaire.

Another high quality banking stock you must not miss out is PUBLIC BANK.

- The bank with lowest NPL ratio among all Malaysia banks
- The most efficient bank among all Malaysia banks
- Good profit history track records
- Good dividend payout records

This is also kind of stock which if you buy 1 dollar 30 years ago and keep it till today, you will become millionaire too.