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Malaysia’s CIMB to buy 58% of BankThai stock at 2.10 baht

 
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November 6, 2008

Malaysia’s CIMB to buy 58% of BankThai stock at 2.10 baht
Malaysia's CIMB would make an offer to buy in the market the 57.87 percent of Thai lender BankThai BT.BK that it does not already own and the price is expected to be 2.10 baht per share, Reuters quoted BankThai as saying Thursday.

CIMB Bank has just completed a deal to buy 42.13 percent of BankThai. CIMB Bank is the unlisted flagship arm of Malaysian financial group Bumiputra-Commerce Holdings Bhd.

In June, the Bank of Thailand's bail-out arm agreed to sell 2.81 billion shares in BankThai, or 42.13 percent of its registered capital, for 5.9 billion baht to CIMB.


CIMB has previously said the cost of the Thai deal could rise to about $584 million, including a capital-raising raising exercise and a tender offer to buy the remaining shares from other shareholders.

Earlier this week, CIMB said Texas Pacific Group Capital will invest up to $150 million in one of Bumiputra-Commerce's subsidiaries.

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