Maybank IB To Acquire Stake In Saudi Arabia's Anfaal Capital

KUALA LUMPUR, April 10 (Bernama) -- Malayan Banking Bhd's wholly-owned subsidiary, Maybank Investment Bank Bhd (Maybank IB), intends to acquire a 17.17 per cent stake in Saudi Arabia-based Anfaal Capital for Saudi Riyal (SAR)10.52 million (US$2.81 million). It will purchase the stake from Saudi Arabian company, Al Numu Real Estate Company, which is a real estate investment and management company. In a filing to Bursa Malaysia, Maybank said it has entered into a conditional sale and purchase agreement with Al Numu and Anfaal for the purchase of the equity as well as for the proposed assignment of the subordinated loan of SAR2.07 million (US$551,974.25) from Al Numu to Maybank IB. Maybank IB, which already has an 18 per cent share in Anfaal, will hold 35.17 interest in the company upon completion of the share acquisition. It said the proposed acquisition would enable Maybank IB to increase its presence in Saudi Arabia, representing a good opportunity for the investment bank in the area of syndication, sukuk structuring and project financing in the country. --BERNAMA