General Announcement

09/11/2004

CIMB BERHAD (CIMB OR COMPANY) PROPOSED ACQUISITIONS BY CIMB OF: (I) 70% EQUITY INTEREST IN COMMERCE TRUST BERHAD (CTB) FROM COMMERCE ASSET-HOLDING BERHAD (CAHB) COMPRISING 4,900,000 ORDINARY SHARES OF RM1.00 EACH FOR A TOTAL CASH CONSIDERATION OF RM17,000,000 OR APPROXIMATELY RM3.47 PER SHARE ("PROPOSED CTB ACQUISITION"); AND (II) 70% EQUITY INTEREST IN COMMERCE ASSET FUND MANAGERS SDN BHD (CAFM) FROM CAHB COMPRISING 3,850,000 ORDINARY SHARES OF RM1.00 EACH FOR A TOTAL CASH CONSIDERATION OF RM18,000,000 OR APPROXIMATELY RM4.68 PER SHARE ("PROPOSED CAFM ACQUISITION"). (COLLECTIVELY REFERRED TO AS THE PROPOSED ACQUISITIONS)

CIMB BERHAD

Type

Announcement
SubjectCIMB BERHAD (CIMB OR COMPANY)

PROPOSED ACQUISITIONS BY CIMB OF:

(I) 70% EQUITY INTEREST IN COMMERCE TRUST BERHAD (CTB) FROM
COMMERCE ASSET-HOLDING BERHAD (CAHB) COMPRISING 4,900,000
ORDINARY SHARES OF RM1.00 EACH FOR A TOTAL CASH CONSIDERATION
OF RM17,000,000 OR APPROXIMATELY RM3.47 PER SHARE ("PROPOSED
CTB ACQUISITION"); AND

(II) 70% EQUITY INTEREST IN COMMERCE ASSET FUND MANAGERS SDN BHD
(CAFM) FROM CAHB COMPRISING 3,850,000 ORDINARY SHARES OF
RM1.00 EACH FOR A TOTAL CASH CONSIDERATION OF RM18,000,000 OR
APPROXIMATELY RM4.68 PER SHARE ("PROPOSED CAFM ACQUISITION").

(COLLECTIVELY REFERRED TO AS THE PROPOSED ACQUISITIONS)

Contents :

We refer to our announcements dated 10 August 2004 and 18 August 2004 in relation to the Proposed Acquisitions and are pleased to announce that CIMB has received the following approvals:


(1) SC, via its following letters:


      (i) Letter dated 16 September 2004, for the appointment of Charon Wardini bin Mokhzani as a non-independent Director of CTB, subject to the results of a character search;

      (ii) Letter dated 22 September 2004, for the change in shareholder of CTB from CAHB to CIMB;

      (iii) Letter dated 1 November 2004, for the following:
          (a) the Proposed CTB Acquisition; and

          (b) the exemption from undertaking a mandatory general offer for the remaining 30% of the shares in CTB not already held by CIMB pursuant to Practice Note 2.9.6 of the Malaysian Code on Take-Overs and Mergers, 1998; and
(iv) Letter dated 4 November 2004 for the following:
          (a) the Proposed CAFM Acquisition;

          (b) appointment of Charon Wardini bin Mokhzani as a non-executive Director of CAFM, subject to the results of a character search;
          (c) appointment of Rossaya binti Mohd Nashir as the Company Secretary of CAFM, subject to the results of a character search; and
          (d) change of registered address of CAFM;

(2) Bank Negara Malaysia, via its letter dated 1 October 2004, for the Proposed Acquisitions.

The Proposed Acquisitions are no longer conditional upon the approval of any other regulatory authority and are now pending implementation.

This announcement is dated 9 November 2004.


Announcement Info

Company NameCIMB BERHAD  
Stock Name CIMB
Date Announced9 Nov 2004  
CategoryGeneral Announcement
Reference NoMM-041109-59548

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