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Malayan Banking Berhad : Dividend Reinvestment Plan: new shares to be issued at RM7.30

11/15/2011 | 10:36pm US/Eastern
Publish Date: 
15 November, 2011 - 21:52

Reference is made to the announcement dated 22 August 2011 in relation to the DRP.

On 22 August 2011, the Board of Directors of Maybank ("Board") announced the quarterly report on consolidated results for the financial period ended 30 June 2011 and proposed a final cash dividend in respect of the financial year ended 30 June 2011 of RM0.32 per Maybank Share less 25% taxation ("Final Cash Dividend"). The Board had also determined that the DRP will apply to the Final Cash Dividend in which an electable portion of RM0.28 (RM0.21 net of taxation) per Maybank Share held can be elected to be reinvested in new Maybank Shares and the remaining portion of RM0.04 (RM0.03 net of taxation) per Maybank Share will be paid in cash.

At the annual general meeting ("AGM") held on 29 September 2011, the shareholders of Maybank approved, inter alia, the allotment and issuance of new Maybank Shares arising from the DRP until the conclusion of the next AGM upon such terms and conditions and to such persons as the Board may, in its absolute discretion, deem fit and in the interest of Maybank.

On behalf of the Board, Maybank Investment Bank Berhad ("Maybank IB") wishes to announce that Bursa Malaysia Securities Berhad ("Bursa Securities"), vide its letter dated 14 November 2011, approved the listing of and quotation for up to 477,332,302 new Maybank Shares to be issued pursuant to the DRP on the Main Market of Bursa Securities ("Listing Application").

The approval by Bursa Securities for the above Listing Application is subject to the following conditions:

(i) Maybank and its adviser must fully comply with the relevant provisions under the Main Market Listing Requirements issued by Bursa Securities pertaining to the implementation of the DRP;

(ii) Maybank and its adviser to inform Bursa Securities upon the completion of the DRP; and

(iii) Maybank to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the DRP is completed.

On behalf of the Board, Maybank IB wishes to announce that the issue price of new Maybank Shares to be issued pursuant to the DRP applicable to the Final Cash Dividend has been fixed today ("Price Fixing Date") at RM7.30 per new Maybank Share. The issue price is based on the five (5)-day volume weighted average market price ("VWAMP") of RM8.24 per Maybank Share up to and including 14 November 2011, being the last trading day prior to the Price Fixing Date for the issue price of new Maybank Shares after adjusting for the following:

(i) a gross dividend adjustment of RM0.32 to the five (5)-day VWAMP ("Ex-Dividend VWAMP"); and

(ii) a discount of RM0.62 which is approximately 7.83% discount to the Ex-Dividend VWAMP of RM7.92.

On behalf of the Board, Maybank IB will also announce on even date that the book closure date pursuant to the Final Cash Dividend and DRP has been fixed for 30 November 2011.

Barring any unforeseen circumstances, the new Maybank Shares arising from the DRP will be listed on the Main Market of Bursa Securities on 29 December 2011.

This announcement is dated 15 November 2011.

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