24 July, 2018
Wong & Partners, a member firm of Baker McKenzie International, advised Maybank Asset Management Group Bhd (MAMG), a wholly-owned subsidiary of Malayan Banking Bhd, in the following transactions:
MAMG’s MYR 51 million acquisition of a 100% stake in Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Ltd (SUTL) from Amanah Saham Nasional Bhd and PNB International Limited, both of which are wholly-owned subsidiaries of Permodalan Nasional Bhd (PNB). The deal entailed MAMG acquiring ownership of AMB for MYR 16.12 million and SUTL for MYR 34.88 million; and
PNB’s subscription of new shares in MAMG representing 20% of the enlarged share capital of MAMG, for MYR 50 million.
These transactions will help increase MAMG's presence in the asset management space of Malaysia and Singapore. Both AMB and SUTL are involved in unit trust funds management, with AMB focusing on retail clients and SUTL on institutional clients.
Key dates
Share Acquisition – Completed on 17 May 2018
Share Subscription – Completed on 30 May 2018
Value
MYR 51 million
Lead partners
Munir Abdul Aziz
Sue Wan Wong
Supporting lawyers
Jacklyn Lim (Senior Associate)
Angel Ling (Associate)
Jorden Tsen (Associate)
Supporting office & team
Baker & McKenzie.Wong & Leow: Eunice Tan (Partner), Timon Chiong (Associate) and An Zhen Ch’ng (Associate)
