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NEWS UPDATES 8 August 2009

Malaysia’s CIMB, partner ink deal with Vietnam shipping firm

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Malaysia’s CIMB Investment Bank Bhd and Vietnam Shipbuilding Finance Co (VFC) have entered into a shareholders’ agreement to regulate their respective rights and obligations as shareholders of Vinashin Shipbuilding Finance Co Securities LLC (VFC Securities), StarBiz reported.

Under the terms of the agreement, CIMB Investment will subscribe for an initial equity interest of 10 percent in VFC Securities for 34 billion dong ($1=17,105 Vietnamese dong), and has the option to increase its shareholding to 40 percent for a total capital contribution of up to 200 billion dong.

VFC is wholly-owned by Vietnam Shipbuilding Industry Group, the largest shipbuilder and an industrial conglomerate in Vietnam.

CIMB Investment entered into a collaboration agreement with VFC in December 2007 to provide guidance and assistance to establish a securities company in Vietnam, which is VFC Securities.


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