Malayan Banking Bhd is to pay 327.1 million ringgit in cash for a 15% stake in Vietnam’s An Binh Bank, less than the 430 million ringgit agreed in a deal announced on March 21.
“The revised purchase price was mutually agreed between Maybank and An Binh Bank in view of the change in economic environment in Vietnam,” Maybank said in a statement released on Bursa Malaysia.
Maybank said it also had the right to subscribe to shares after a bonus issue by An Binh to other shareholders and would spend 9.1 million ringgit to keep its stake at 15%.
It will then seek to buy another 5% stake for 73.8 million ringgit which will take its stake to 20%.
The total cost of the deal to buy 20% will be 410 million ringgit, Maybank said.