Thursday, 10 Dec 2020 05:51 PM MYT
KUALA LUMPUR, Dec 10 — BIMB Holdings Bhd has received approval from the Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz and Bank Negara Malaysia for its proposed internal reorganisation and distribution and capital repayment, paving the way for the listing of its subsidiary, Bank Islam Malaysia Bhd.
“Upon completion of the proposed exercise, BIMB’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. According to the filing, the proposed restructuring involves five components — proposed placement of new BIMB shares to raise RM800 million; a scheme of arrangement by BIMB to settle its outstanding warrants; an internal reorganisation; distribution and capital repayment; and the listing of Bank Islam.