maybank-pays-dearly-for-20-stake-in-pakistani-bank

Maybank pays dearly for 20% stake in Pakistani bank

The generous $687 million investment in Pakistan's MCB marks Maybank's third acquisition this year.
May 05, 2008
Malaysia's Maybank will pay M$2.17 billion $686.4 million for a 15% stake in MCB Bank in Pakistan previously known as Muslim Commercial Bank with a right to buy up to a further 5%.

The agreed price is an 11% premium to MCBÆs most recently traded price and 5.1 times trailing book value. Maybank said the price was agreed based on the audited net assets of MCB on December 31, 2007 and qualitative considerations. Maybank is being advised by Aseambankers and JPMorgan.

The first tranche of 94 million shares, representing a 15% stake, will be acquired at a price of PRs470 $7.2 per share from MCBÆs controlling shareholders Mian Umer Mansha, Mian Hasan...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222