BIMB said the transfer of its listing status is part of a restructuring exercise that would unlock “significant value” for its shareholders. PETALING JAYA: Bank Islam Bhd will be taking over BIMB Holdings Bhd’s (BHB) listing status following approval by the Finance Ministry (MoF) and Bank Negara. In a filing with Bursa Malaysia, BIMB said the transfer of its listing status is part of a restructuring exercise that would unlock “significant value” for its shareholders. The group said it received the approvals from the MoF and the central bank in relation to its proposed internal reorganisation and distribution and capital repayment. “Upon completion of the proposed exercise, BHB’s listing status will be transferred to Bank Islam, which will emerge as the one and only full-fledged Islamic financial institution to be listed in the region, and enhance its corporate stature. “This listing will allow Bank Islam to better position itself in the Islamic finance and Islamic capital market and capitalise on the growth of both markets in its efforts to expand its customer base, ” BIMB said. The principal adviser for the exercise is Maybank IB. Investors were bullish on the announcement based on the shares of BIMB that surged 8.6% to RM4.30 yesterday.BIMB first announced the restructuring in December last year and said that it involved a series of proposals that would see the transfer of the listing status through a share swap scheme. Ultimately, Lembaga Tabung Haji (TH), which has a controlling stake of 52% in BIMB, would have a direct stake in Bank Islam following the transfer. But prior to the transfer, BIMB has to undertake a private placement of new shares to raise RM800mil to fully settle outstanding sukuk held by TH. It will be an early redemption of the sukuk, which only matures in December 2023. Post-restructuring, Bank Islam and Syarikat Takaful Malaysia Keluarga Bhd, of which BIMB owns 59.5%, will be two separate listed entities. In an interview with a local daily earlier, BIMB CEO Mohd Muazzam Mohamed said the restructuring would see no shareholder having more than 50% in the bank. Following the private placement, he said TH’s portion would automatically be diluted to around 49%. Other shareholders of BIMB include Employees Provident Fund (EPF) with 13.2% stake and Permodalan Nasional Bhd owning an 11.3% stake. On the private placement exercise, Mohd Muazzam told StarBiz in April that the proposed exercise would be done once an approval is obtained from Bank Negara and when “the market is conducive.” Despite the current market condition that has been affected by the Covid-19 pandemic, he expected the transfer of BIMB’s listing status to be completed between the fourth quarter of this year and the first quarter of 2021. BIMB had initially targeted to complete the corporate exercise by the third quarter of this year.
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