Maybank unit ceases asset management operations at Thai subsidiary
Bernama
August 10, 2016 14:03 MYT
August 10, 2016 14:03 MYT
Based on MAMTs audited account as at June 30, 2016, the total net book value was THB103.1 million or approximately RM11.9 million. - File Photo
Malayan Banking Bhd (Maybank) today announced that its subsidiary Maybank Asset Management Group Bhd (MAMG) has ceased operations at its wholly-owned subsidiary in Thailand, Maybank Asset Management Thailand Co Ltd (MAMT), with effect from Aug 9.
In a filing to Bursa Malaysia today, Maybank said its unit had sold 26.99 million shares in MAMT, representing its 99.99 per cent ownership in MAMT, to Thailand-based company Capital Link Holding Ltd on the closing date (Aug 9).
Based on MAMT’s audited account as at June 30, 2016, the total net book value was THB103.1 million or approximately RM11.9 million.
"The sale was completed as part of MAMG’s continuous effort and strategy to improve its regional business operations and optimise the company’s current resources in the most efficient manner.
"MAMT ceased to be an indirect subsidiary of Maybank with effect from the closing date," it added.