CIMB Group to Buy 60% Control of BoC
The Jakarta Globe
CIMB Group Holdings, Malaysia’s second largest financial services provider, said on Tuesday that it had entered into conditional share purchase agreements to buy 60 percent stake in Bank of Commerce in the Philippines from its existing owners.
CIMB Group said in a statement sent to Jakarta Globe on Tuesday that it would buy the Philippine bank at a price of 181.25 pesos ($4.30) per share. The total acquisition value would be 12.2 million pesos and will be settled in cash.
BoC is the 16th-largest bank in the Philippines in terms of total assets. JG
World in Brief
World in Brief
Bank Islam Targets Stake in Muamalat
Malaysia’s Bank Islam, the country’s second largest Shariah bank, is exploring plans for a potential acquisition of a stake in Bank Muamalat in Indonesia, group managing director and chief executive Johan Abdullah said.
“Nothing is concrete yet. We like Indonesia because the market is robust and the infrastructure is readily available for us to go in there,” he said after BIMB’s general meeting on Tuesday.
Bank Islam is a 51 percent owned unit of Malaysia’s Islamic financial group BIMB Holdings. Reuters
Toyota Profit May Rise to 5-Year High
Toyota Motor Corp.’s profit may hit a five-year high and exceed General Motors Co.’s earnings this year, signaling Asia’s biggest carmaker is close to returning to full force.
Net income at Toyota, which reports financial results today, may triple to 817.7 billion yen ($10.2 billion) in the fiscal year ending March 2013, according to the poll of 21 analysts compiled by Bloomberg. That’s more than Detroit-based GM’s estimated profit in the next four quarters.
Toyota is rolling out new Prius hybrids, Corolla compacts and Lexus sedans as it seeks to regain market share. Bloomberg
Malaysia to Counter Indonesian Reforms
Malaysia, the second-biggest palm oil producer, may announce a plan “in the near future” to compete with Indonesia, which reformed its export taxes to boost its refining industry, the Malaysia Palm Oil Board said.
In October, top producer Indonesia cut maximum export duties on refined, bleached and deodorized palm oil to 10 percent from 23 percent. The rate for RBD palm olein was cut to 13 percent from 25 percent, while the highest tax for crude palm-oil exports was set at 22.5 percent. The move gave Indonesian refiners a cost advantage over Malaysia. Bloomberg