CIMB receives approval for closure of subsidiary in Middle East
Kuala Lumpur: CIMB Group ("CIMB" or "the Group") today announced that all requisite approvals had been obtained for the closure of CME, an indirect wholly-owned subsidiary of CIMB Group, and CME would henceforth cease to be a subsidiary of CIMB Group. This was also pursuant to the announcement made by the Group on 28 July 2016.
The Closure of CME would not have any effect on the share capital of CIMB Group and substantial shareholders’ shareholding in the Company, and does not have any material effect on the consolidated earnings and net assets of CIMB Group.
Tengku Dato' Sri Zafrul Aziz, Group Chief Executive, CIMB Group, said, "The closure of CME is in line with the Group's business consolidation and resource optimisation in line with our T18 recalibration strategies. CIMB remains committed to the Middle East through our partnership with Fajr Capital, which has a strong network in the Middle East. The partnership with Fajr Capital will also leverage on CIMB's strong ASEAN network, to facilitate deals between the two economic regions with an expanding middle-class population, a high percentage of young people and strong growth prospects, moving forward.”
The CIMB-Fajr partnership encompasses cross-marketing and distribution of each partner’s products, services and deals, with a focus on, among others, Islamic treasury, capital market solutions, asset management services and strategic investments. This enables the CIMB Group to not only maintain and strengthen its presence in the Middle East market, but also broaden its reach.