Malaysian group scraps SMC share purchase deal

CIMB Group Holdings Bhd, Malaysia’s second-largest lender, is no longer acquiring almost 60 percent of the banking unit of Philippine conglomerate San Miguel Corp. (SMC), in essence scrapping the P12.20-billion deal which would have given CIMB a foothold in the Philippine banking industry.

Further to its previous report relating the contemplated acquisition by the CIMB Group of a controlling interest in Bank of Commerce, SMC said through a disclosure in the Philippine Stock Exchange that the parties have mutually decided not to proceed with the implementation of their share purchase agreement dated May 8, 2012.