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ChAIRMAN’S
REFlECTIONS
A LEGACY OF TRUST AND GOOD GOVERNANCE
Islamic finance has grown in leaps and bounds for the past
On 10 December 2020, BHB five to six decades. In the product development space, industry
obtained approval from the Minister practitioners have worked closely with Shariah scholars to
devise workable and innovative solutions that meet commercial
of Finance and Bank Negara demands and Shariah compliance requirements. As the market
Malaysia for its proposed internal
INTEGRATED ANNUAL REPORT 2020 reorganisation and distribution and knowledge and development have become more extensive and
grows, the number of players has expanded, and product
diversified.
capital repayment, paving the way
for transferring its listing status to
BHB’s expansion across the industry as a pioneering force has
branded and positioned us as the only full-fledged financial
Bank Islam Malaysia Berhad.
house in Malaysia servicing the population nationwide without
preference for any race, status and religion. This openness has
made BHB market-friendly to all Malaysians, not only for Muslims;
and is the defining legacy of the Group.
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To date, BHB has been able to sustain a very creditable performance
thanks to the Board of Directors’ exemplary leadership and the
dedication and commitment of the management team and
BIMB HOLDINGS BERHAD 199701008362 (423858-X) obtained internationally and domestically are a good testament
staff of BHB and its subsidiary companies. Over the years, we
have strengthened our corporate governance in line with our
shareholders and the authorities’ aspirations. The various awards
to our efforts.
A NEW DAWN EMERGES
On 10 December 2020, BHB obtained approval from the Minister
of Finance and Bank Negara Malaysia for its proposed internal
reorganisation and distribution and capital repayment, paving
the way for transferring its listing status to Bank Islam Malaysia
Berhad.
The proposed placement entails issuing new ordinary shares
in BHB to raise gross proceeds of up to RM800.0 million. With
internal cash, the proceeds will redeem the outstanding BHB
Sukuk held by Lembaga Tabung Haji (“LTH”) entirely. Our Board
of Directors has resolved to fix the price taking into consideration
the availability of internal cash reserves of the Group to settle the
Warrants Consideration. The warrants consideration has been set
based on the current market price; the 5-day Volume Weighted
Average Price (“VWAP”) up to and including 25 February 2021.
A fully virtual Extraordinary General Meeting (“EGM”) and Court
Convened Meeting (“CCM”) was held on 31 March 2021 during
which our shareholders and warrant holders have approved and
fully supported the proposed restructuring of BHB Group of
Companies and for the transfer of listing status to proceed.
Once the listing transfer is completed, the Bank will emerge as the
only full-fledged Islamic financial institution listed in Malaysia and
enhance its corporate stature. The listing will allow Bank Islam
