BIMB group restructuring to finally unfold

The BIMB Holdings Bhd group is set to finally unfold. BIMB announced a series of proposals that will ultimately see it transfer its listing status to its wholly-owned subsidiary Bank Islam Malaysia Bhd. In the first step, BIMB will undertake a private placement of new shares to raise RM800 million to fully settle outstanding sukuk held by Lembaga Tabung Haji (TH). BIMB had, December 2018, done an early partial redemption of RM609.9 million, helping reduce the outstanding amount.