BIMB Holdings gets the go-ahead to start talks with Lembaga Tabung Haji

BIMB Holdings Bhd has received Bank Negara Malaysia (BNM)'s approval to start talks with Lembaga Tabung Haji over acquisition of the latter's 18.5 stake in Bank Islam Malaysia Bhd.

The negotiation, if goes well, could see BIMB Holdings having the full control of Bank Islam.

BIMB Holdings, which currently has a 51 per cent stake in Bank Islam, is also in talks with Dubai Financial Group LLC (DFG) on acquiring the latter's 30.5 per cent stake in Bank Islam.

“The negotiations are to be completed on or before Dec 31, 2013,” said BIMB Holdings in its Bursa Malaysia filing on Tuesday.

BIMB Holdings said the central bank's approval for negotiation should not be construed as an approval for the proposed acquisition.

BIMB Holdings shares on Bursa Malaysia rose 0.25 per cent (+1 sen) to RM4.00 today, with more than 1.48 million shares changed hands.