Maybank wins nod for RM4.83B buyout of Etiqa parent
What's the deal? Malayan Banking BhdDealroom has a profile for this one. Try Dealroom → (Maybank) has secured Bank Negara Malaysia approval to buy the remaining 30.95% stake in Maybank Ageas Holdings BhdDealroom has a profile for this one. Try Dealroom →, the parent of insurer EtiqaDealroom has a profile for this one. Try Dealroom →, from Belgian insurer Ageas SADealroom has a profile for this one. Try Dealroom → for RM4.83 billion. The approval came on September 1, after which Maybank signed an unconditional share purchase agreement with Ageas.
Terms: The acquisition will be funded entirely through Maybank's internally generated funds. Once complete, Maybank Ageas becomes wholly owned, giving Maybank full control of Etiqa's insurance operations.
Why now? Malaysian financial groups are moving to consolidate ownership of key units and simplify their structures. On the same day, Public Bank BhdDealroom has a profile for this one. Try Dealroom → proposed to privatise its 73.23%-owned Hong Kong-listed subsidiary Public Financial Holdings LtdDealroom has a profile for this one. Try Dealroom → at HK$2.50 per share, or about RM1.29, spending roughly HK$734.75 million to buy out the remaining 26.77%.
Boardroom moves: Elsewhere, Hektar REITDealroom has a profile for this one. Try Dealroom → appointed Datuk Seri Jamil Bidin, 69, as chairman, effective immediately, filling a seat vacant since Hasli Hashim's 2023 resignation. Jamil previously served as managing director and CEO of Putera Capital BhdDealroom has a profile for this one. Try Dealroom →.
Companies linked to Zetrix AI Bhd founder Wong Thean Soon also saw changes. At Cuscapi Bhd, new independent director Datuk Faizal Abdullah was redesignated chairman, while three directors departed; at HeiTech Padu Bhd, Badrul Hisham Abdul Aziz joined as a non-independent non-executive director. Wong trimmed his direct stake in Excel Force MSC Bhd to 7.234% after selling 104.21 million shares on August 28 and September 1.
Contract wins: Theta Edge Bhd secured a five-year contract from Prasarana Malaysia Bhd to build, operate and maintain telecoms infrastructure along the LRT3 corridor, with Prasarana receiving the higher of RM500,000 a year or 13% of gross project revenue. Crane maker Favelle Favco Bhd landed four contracts worth RM131.7 million, with deliveries running from end-2026 into 2027.
The signal: The Maybank and Public Bank deals point to a wider push among Malaysian institutions to buy out minority holders and take full ownership of strategic subsidiaries, trading shared control for tighter integration.
Read more: theedgemalaysia.com
Image credit: Generated with Gemini
