KUALA LUMPUR (Yosefardi) – Malayan Banking Berhad (Maybank), through its unit Maybank Asset Management Sdn Bhd (MAM), had on 26 August 2013, completed the acquisition of 31,680 ordinary shares of PT GMT Aset Manajemen representing 99% of the issued and paid up share capital of GMT.
MAMG is a wholly owned subsidiary of Maybank. With the completion of the Acquisition, GMT becomes a subsidiary of MAM and MAMG as well as Maybank efective Monday (August 26).
Under the law and regulation in Indonesia, a foreign licensed securities company, in this case MAM, may hold up to 99% of total issued and paid up capital of an Indonesian securities company.
For the purpose of regulatory compliance, the existing major shareholder of GMT, i.e. PT Kapital Asia shall continue to hold a 1% equity stake in GMT (the Option Shares) and grant MAM the option to purchase or to designate at MAM’s sole discretion any qualified party to purchase such Option Shares within a period of 3 years and extendable by both parties.
The purpose of the Acquisition is for Maybank to have a fund management presence in Indonesia under its group of companies as well as to complement the business entities of MAMG in the ASEAN region. On the same note, it will also create an opportunity for GMT to promote its products in the region by leveraging on Maybank’s presence.