KUALA LUMPUR (Oct 19): Permodalan Nasional Bhd (PNB) has exercised its put option to dispose of all Maybank Asset Management Group Bhd (MAMG) shares held by the fund to Malayan Banking Bhd for a cash consideration of RM70.39 million in a related party transaction, according to Maybank’s filing with Bursa Malaysia on Thursday.

Maybank highlighted the MAMG shares acquisition represents a total of 20% stake or 8.34 million ordinary shares held by PNB in MAMG.

Upon completion of the acquisition, MAMG will be a wholly-owned subsidiary of Maybank.

“The put option was exercised by PNB on Nov 30, 2022 and Maybank and PNB had jointly appointed PricewaterhouseCoopers Capital Sdn Bhd (PwC Capital) to determine the Fair Value in accordance with the terms of the Shareholders’ Agreement.

“PwC Capital has determined the fair value to be RM70.39 million using the market approach, which takes into consideration the comparative analysis based on the implied price to assets-under-management multiple of targets of selected comparable transactions,” said Maybank in the filing.

The banking group said that the purchase consideration will be satisfied in cash and funded by internally-generated funds. The proposed acquisition is expected to be completed by the fourth quarter of the year (4Q2023), it added.

Notably, Amanah Saham Bumiputera (ASB), a PNB-managed fund, is the major shareholder of Maybank with a 31.03% stake.

Shares in Maybank closed one sen or 0.11% higher at RM8.96, giving it a market capitalization of RM108.06 billion.