Disposal of UBG Bhd

In order to focus more clearly on its key businesses, CMS sought to dispose of its stake in Utama Banking Group (UBG). Before doing so however, in May 2009 UBG disposed of CMS Roads Sdn Bhd and CMS Pavement Tech Sdn Bhd to its listed subsidiary Putrajaya Perdana Bhd. On 29 December 2009, it was announced that Petro Saudi International Ltd, a privately owned investment holding company with its headquarters in Saudi Arabia, proposed to acquire CMS’ stake in UBG. The transaction was completed in September 2010. CMS’ 37.21% stake in UBG, which it held through its wholly owned subsidiary Concordance Holdings Sdn Bhd and PPES Works (Sarawak) Sdn Bhd, (in which it held a 51% stake), realised an immediate cash return for CMS and its subsidiaries of more than RM465 million.