Maybank completes record-breaking rights issue

Maybank became one of the best capitalised banks in Asia following the successful completion of its rights issue exercise on shares of Bursa Malaysia.

The rights issue, which raised approximately US$1.696 billion, is the largest in Malaysian corporate history. It was over-subscribed with a subscription rate of 128 percent.

“Investor response to this exercise has been most encouraging, more so given that it was achieved in a very challenging economic environment. This exercise puts us in a strong position to widen the Group’s competitive positioning, and reinforce our domestic and regional franchise as well as accelerate growth for the future,” said Maybank President and CEO Dato’ Sri Abdul Wahid Omar.

“This positions Maybank as one of the best capitalised banks in Asia and will support our aspiration to be among the top 5 banks in South and South East Asia by size and performance by 2015,” said Dato’ Sri Abdul Wahid.

The rights issue was executed smoothly and was completed within a period of nine weeks from announcement to listing of the rights shares.

Maybank share price closed at US$1.22 on 30 April 2009 representing an increase of 12.4 percent from US$1.08 being the closing price on 31 March 2009, the day when the share traded ex-rights.