KUALA LUMPUR – Malaysia’s CIMB has completed its acquisition of Thailand’s BankThai BT.BK with a controlling stake of 92.04 percent after its tender offer closed on Jan. 6, the Malaysian bank said on Tuesday.
CIMB, owned by Bumiputra-Commerce Holdings (BUCM.KL), became the single largest shareholder in BankThai after completing its purchase of a 42.13 percent stake in the Thai bank for 5.9 billion Thai baht on Nov. 5 last year.
CIMB’s offer to buy the remaining BankThai shares it does not own at 2.10 baht per share was rejected by 7.96 percent of the minority shareholders, comprising individual and corporate shareholders, it said.
BankThai will remain listed on the Stock Exchange of Thailand, said Nazir Razak, CIMB’s group chief executive, in a statement.
CIMB is also on course to recapitalise BankThai, Thailand’s ninth largest commercial bank by assets, at an approximate cost of 5 billion baht.
