Maybank scraps sale of stake in WOM Finance of Indonesia

PETALING JAYA: Malayan Banking Bhd (Maybank) has terminated the proposed disposal of PT Bank Indonesia Tbk’s entire 68.55% stake in PT Wahana Ottomitra Multiartha Tbk (WOM Finance) to PT Reliance Capital Management (RCM) as certain conditions in the share purchase agreement scheduled to be satisfied by April 30, 2017 have not been fulfilled.

“With the termination of the proposed disposal, WOM Finance will continue to be a subsidiary of Maybank Indonesia,” Maybank said in a stock exchange filing yesterday.

Maybank early this year proposed to dispose of its entire stake in Indonesia-listed WOM Finance, for 673.77 billion rupiah (RM229.08 million) cash.

The proposed disposal and its termination are not expected to have any material effect on the earnings per share and net assets per share of the Maybank group for the financial year ending Dec 31, 2017.