KUALA LUMPUR (April 12): Bank Muamalat's chief said the Islamic bank might seek a listing as an alternative to add value after a proposed merger with Malaysia Building Society Bhd (MBSB) failed to materialise.
DRB-Hicom Bhd owns 70% of Bank Muamalat while Khazanah Nasional Bhd holds the remaining 30%. Bank Muamalat chief executive officer Datuk Mohd Redza Shah Abdul Wahid said there were, however, no concrete listing plans for now.
"The market is not right for a listing at the moment but when the market turns, we will look at more alternatives for shareholders.
"I wouldn't say a listing is a definite plan, (but it is) an alternative that the shareholders have," he told reporters after launching the Muamalat Gold-i scheme here today.
In February this year, DRB-Hicom and MBSB said in separate statements to the bourse that DRB-Hicom, MBSB and Khazanah had mutually agreed to cease Bank Muamalat-MBSB merger talks and not proceed with the exercise.
DRB-Hicom and MBSB said both entities and Khazanah were unable to agree on the terms of the merger.
Today, DRB-Hicom shares settled unchanged at RM1.09 at 12:30pm for a market value of RM2.11 billion. The stock saw 1.7 million shares transacted.
DRBHCOM (1619) - Bank Muamalat listing an alternative for shareholders - CEO
http://www.theedgemarkets.com/my/article/bank-muamalat-listing-alternative-shareholders-ceo
