Latest news with #CIMBThai
New Straits Times
2 days ago
- Business
- New Straits Times
CIMB unmoved by Thai unit's suspension, has no plans to raise public shareholding
KUALA LUMPUR: CIMB Group Holdings Bhd has made clear it has no intention of increasing the public shareholding of its Thai banking arm, despite a trading suspension and looming threat of delisting by the Stock Exchange of Thailand (SET). The group, which owns 94.83 per cent of CIMB Thai Bank, said it will not take steps to meet the 15 per cent minimum free float required by the Thai bourse, a threshold CIMB Thai has not complied with since 2011. "This could lead to an eventual delisting of CIMB Thai, if the minimum free float requirement is not met within one year and subject to the discretion of SET. CIMB Group has no intention to increase the free float of CIMB Thai's shares," the group said in a filing to Bursa Malaysia. Trading in CIMB Thai shares was suspended on June 5 under new SET rules that took effect on March 24, 2024. The updated regulations replace the previous penalty-based approach with enforcement measures that include suspension and potential delisting for non-compliant companies. CIMB Thai had previously remained listed by paying annual fines, which it had done since its free float fell below the threshold more than a decade ago. The group said the latest regulatory action followed a one-year public consultation on CIMB Thai's status and the risk of delisting. No objections were raised during the review. Despite the suspension and regulatory pressure, CIMB maintains the development has no material effect on its operations. "The suspension and potential delisting have no impact on CIMB Thai's customers, operations, or financial soundness. CIMB Thai remains a core subsidiary of the group and will continue its banking operations as usual," it said.
The Star
2 days ago
- Business
- The Star
Trading in CIMB Thai suspended for not meeting minimum public spread
KUALA LUMPUR: The securities of CIMB Bank Bhd's 94.83%-owned Thai banking arm have been suspended from trading on the Stock Exchange of Thailand (SET) from June 5, 2025, to comply with new regulations on the minimum public shareholding spread. The suspension of share trading on CIMB Thai Bank Public Co Ltd was imposed in line with new regulations that came into effect on March 24, 2024, for companies that did not meet the 15% minimum float requirement. Under the new regulations, there could be an eventual delisting of CIMB Thai if the minimum free float requirement is not met within one year and subject to the discretion of SET. Prior to the new regulations, CIMB Thai had been paying penalty fees since 2011 for not meeting the minimum float requirement. However, CIMB Group Holdings Bhd, the parent of CIMB Bank, said it has no intention of increasing the free float of CIMB Thai's shares. "The suspension and potential delisting have no impact on CIMB Thai's customers, operations, or financial soundness. CIMB Thai remains a core subsidiary of the group and will continue its banking operations as usual," it said in a filing with Bursa Malaysia. CIMB Thai's shares were last traded at THB0.37 (4.8 sen) a share on June 4. Shares in CIMB Group were down three sen or 0.44% to RM6.84 a share at Friday's close.
