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4-Traders Homepage  >  Equities  >  BURSA MALAYSIA  >  CIMB Group Holdings Bhd    CIMB   MYL1023OO000

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CIMB Group Holdings Bhd : Malaysia's CIMB Group To Buy 60% Stake In Philippines' Bank Of Commerce For $288.4 Million

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05/08/2012 | 10:35am CEST

Malaysian lender CIMB Group Holdings Bhd (1023.KU) Tuesday said it has signed an agreement to buy a 60% stake in privately held Bank of Commerce for MYR881 million ($288.4 million) in cash, a deal that will give the Malaysian bank a foothold in the fast-growing Philippine market.

It will buy the stake from San Miguel Corp. (SMC.PH), a diversified Philippine conglomerate and other Bank of Commerce shareholders, CIMB, Malaysia' second largest lender by asset size, said in a statement.

The stake purchase price represents PHP181.25 for every share held in Bank of Commerce, CIMB said.

"As an Asean universal bank, this extension into the Philippines is a very natural one. I believe we are entering this market at the right time, with the right deal and right partner," CIMB Group Chief Executive Nazir Razak said in the statement.

-By Ankur Relia; Dow Jones Newswires; 603-2026-1233; ankur.relia@dowjones.com

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Financials ( MYR)
Sales 2017 16 942 M
EBIT 2017 7 693 M
Net income 2017 4 501 M
Debt 2017 -
Yield 2017 3,43%
P/E ratio 2017 12,72
P/E ratio 2018 11,56
Capi. / Sales 2017 3,42x
Capi. / Sales 2018 3,24x
Capitalization 57 934 M
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Mean consensus HOLD
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Average target price 6,66  MYR
Spread / Average Target 4,1%
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