Page 343 - Full Book_24.4.2021

NOTES TO THE
FINANCIAL STATEMENTS in retrospect

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for the financial year ended 31 december 2020 (continUed)
the Will to Suceed

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57 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED)
(b) proposed placement, proposed Scheme of Arrangement (“SOA”), proposed Internal Reorganisation,
proposed Distribution and Capital Repayment and proposed Transfer of Listing Status (collectively referred to achieving a leading repute
as the ‘proposals’) (continued)
on 11 december 2019, bimb holdings berhad (“bhb”) had announced and proposed to undertake the following
proposals: (continued) |

(v) proposed Transfer of Listing
after the completion of the Proposed distribution and capital repayment, the bank will assume the listing status
of bhb. accordingly, bhb proposed that the bank be admitted to the official list of bursa malaysia Securities berhad Paving the Way for a Sustainable future
(“bursa Securities”) in place of bhb,with the listing and quotation of the entire consolidated the bank shares on
the main market of bursa Securities.
the bank will emerge as the first pure-play full-fledged islamic financial institution to be listed in the region and
enhance its corporate stature. the listing will allows bank islam to better position itself in the islamic finance and
islamic capital market and capitalise on the growth of both markets in its efforts to expand its customer base.
the Proposed Placement, Proposed Soa, Proposed internal reorganisation, Proposed distribution and capital repayment
and Proposed transfer of listing are not conditional upon each other, save for the following: 337
(i) the Proposed distribution and capital repayment is conditional upon the Proposed internal reorganisation and
Proposed transfer of listing; and

(ii) the Proposed transfer of listing is conditional upon the Proposed internal reorganisation and Proposed distribution
and capital repayment.
bhb has on 10 december 2020 announced that it has received the approval from the minister of finance (on the adhering to the best Governance Practices
recommendation of bnm), and bnm in relation to the Proposals. on 23 february 2021, bhb has announced that it has
received approval from bursa Securities for the listing and quotation of bhb shares to be issued pursuant to the Proposed
Placements and admission of the bank to the official list of bursa Securities and the listing of and quotation for the entire
issued share capital of the bank on the main market of bursa Securities pursuant to the Proposed transfer of listing.
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on 29 march 2021, bhb has announced that it has received approval from Securities commission malaysia for the
change in controller for bimb Securities Sdn. bhd. pursuant to the proposed internal reorganisation.
Subsequently, at the bhb’s extraordinary General meeting held on 31 march 2021, all resolutions pertaining to the
corporate exercise were duly passed by the shareholders. at a court convened meeting also held on the same date, the
warrantholders has passed the resolution on the proposed scheme of arrangement. Laying the Foundation for Financial Growth

the Proposals are now subject to the approvals and/or consent being obtained from shareholder of the bank, sanction
of the high court of malaya, the creditors and/or financiers of the bhb Group, the bank and identified Subsidiaries,
if required and any other relevant regulatory authorities and/or parties, if required.

58 SUBSEQUENT EVENTS |

(a) on 30 november 2020, the board of directors of bimb holdings berhad (“bhb”) had declared an interim dividend of
12.60 sen per ordinary share in bhb for the financial year ended 31 december 2020 and paid on 18 January 2021.

From the total dividend amount declared of RM225.9 million, approximately 9% or RM20.4 million was distributed as additional information & disclosure Summary
cash dividend whilst the remaining 91% amounting to RM205.5 million was reinvested to subscribe for 60,986,700 new
ordinary shares at rm3.37 each via the dividend reinvestment Plan.

(b) on 13 January 2021, the Government of malaysia reintroduced the movement control order to curb the soaring number
of covid-19 cases. the lock down may have a negative impact on the Group’s results of operation, similar to the areas
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highlighted in note 57 (a). the Group is not able to predict the potential future direct or indirect effects resulted from the
24 th aGm information
movement control order other than as disclosed in note 49.3 (iii). however, the Group is taking actions to mitigate the
impacts, and will continue to closely monitor the impact and the related risks as they evolve.