May­bank aborts plan to sell WOM stake

New Straits Times - - Business -

KUALA LUMPUR: Malayan Bank­ing Bhd (May­bank) has aborted a plan to sell its 68.55 per cent stake in In­done­sial­isted PT Wa­hana Ot­tomi­tra Mul­tiartha Tbk (WOM Fi­nance) to PT Re­liance Cap­i­tal Man­age­ment (RCM) for 673.77 bil­lion ru­piah (RM229.08 mil­lion) fol­low­ing cer­tain con­di­tions not be­ing met. In a fil­ing with Bursa Malaysia yes­ter­day, May­bank said the pro­posed dis­posal had been ter­mi­nated as cer­tain con­di­tions prece­dent to the con­di­tional share pur­chase agree­ment, which were sched­uled to be sat­is­fied by April 30, have not been ful­filled.

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