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On 2 July 2008, Utama Banking Group’s (UBG) acquisition of CMS Roads Sdn Bhd and CMS Pavement Tech Sdn Bhd was completed with the allotment of 44,652,000 new UBG shares to PPES Works (Sarawak) Sdn Bhd and the payment of a cash consideration of RM23.37 million to Sarawak Economic Development Corporation. CMS Roads Sdn Bhd and CMS Pavement Tech Sdn […]
In November 2007, CMS finalised the sale of the site of CMS Steel Sdn Bhd’s rolling mill to Bursa Malaysia-listed KKB Engineering Bhd (KKB) for a disposal price valued at RM32 million. The sale of the 17.6–acre site fronting the Sarawak River at Sejingkat, Kuching was to be satisfied by KKB through the issuance of 16 million new ordinary shares, […]
At a simple ceremony in Kuala Lumpur on 30 August 2007, CMS Cement Sdn Bhd signed a share purchase agreement to buy 100% equity in Sarawak Clinker Sdn Bhd, 33% from Mirzan Mahathir and 67% from Maybach Investment Co., which was represented by Raymond Ang of the Philippines-based conglomerate, San Miguel Group. The decision to buy Sarawak Clinker Sdn Bhd […]
Following several months of negotiations with potential bidders for its 32.8% stake in Rashid Hussain Bhd (RHB), a CMS subsidiary, Utama Banking Group (UBG) announced on 8 March 2007 that its Board had accepted a revised offer of RM2.25 billion from the EPF (Employees Provident Fund), subject to shareholder and regulatory approvals. This resulted in a net gain […]
During the course of 1999, 2000, and 2001, in line with Bank Negara’s policy of consolidating Malaysia’s banking industry, CMS subsidiary, Utama Banking Group (UBG) took part in merger proposal negotiations. The first prospective partner was PerwiraAffin Bank Bhd, but this did not materialise. The second was Arab Malaysian Bank Berhad (AMBB), with whom UBG went to the extent of signing […]