General Announcement

02/06/2003

Memorandum of Understanding Between Commerce International Merchant Bankers Berhad and Al-Tawfeek Company for Investment Funds Limited

CIMB BERHAD

Type

Announcement
SubjectMemorandum of Understanding Between Commerce International Merchant Bankers Berhad and Al-Tawfeek Company for Investment Funds Limited

Contents :

1. Introduction

    CIMB Berhad ("CIMB Berhad" or "the Company") wishes to announce that its wholly-owned subsidiary, Commerce International Merchant Bankers Berhad ("CIMB"), had on 2 June 2003 entered into a Memorandum of Understanding
    ("MOU") with Al-Tawfeek Company for Investment Funds Limited of the Cayman Islands ("Al-Tawfeek"), for the purpose of establishing a co-operation to jointly undertake Islamic banking activities globally ("the Venture").

2. Information on CIMB
    Incorporated on 24 April 1974 under the Companies Act, 1965 and having its registered address at 7th Floor, Bangunan CIMB, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, CIMB is 100% owned by CIMB Berhad. It is a leading investment bank in Malaysia and is primarily involved in the banking and capital market industries.

3. Information on Al-Tawfeek
    Al-Tawfeek is an offshore company incorporated in the Cayman Islands and having its registered address at Second Floor, West Wind Building, Harbour Drive, P.O. Box 1111, Georgetown, Cayman Islands, British West Indies. Al-Tawfeek is a subsidiary of Dallah Al-Baraka Group which is based in Jeddah, Saudi Arabia. The Dallah Al-Baraka Group is an industrial, commercial, banking and financial conglomerate. The principal activity of Al-Tawfeek is carrying on the business of an investment fund company.

4. Salient Terms of the MOU
    The salient terms of the MOU are as follows:
(i) Al-Tawfeek and CIMB agree, in principle, to enter into a joint-venture agreement within six (6) months from the date of the MOU to expressly state and regulate their objectives, intentions and generally their mutual relationship under the Venture.
    (ii) Al-Tawfeek and CIMB agree to provide and share all forms of assistance, consultation and expertise in Islamic investment banking and to further provide financing, advances, funding or capital injection in relation to the Venture as is necessary for ensuring the expeditious and successful implementation of the Venture.

    (iii) The MOU shall be terminated in the event the time set for the execution of the joint-venture agreement shall have lapsed without the same having been executed.

    5. Directors and Substantial Shareholders Interest
      None of the Directors or substantial shareholders of the Company and/or persons connected with them have any interest, either direct or indirect, in the MOU.


      This announcement is dated 2 June 2003.


    Announcement Info

    Company NameCIMB BERHAD  
    Stock Name CIMB
    Date Announced2 Jun 2003  
    CategoryGeneral Announcement
    Reference NoCC-030530-66298

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