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S&P: Maybank unchanged
Standard & Poor's said the ratings and outlook on Malayan Banking Bhd. (Maybank, A-/stable/A-2) are unaffected by subsidiary Mayban Fortis Holdings Bhd.'s RM 844 million planned acquisition of MNI Holdings Bhd.
The agency said the acquisition is expected to be financed by internal funds from Mayban Fortis Holdings as well as from some injection of funds from Maybank and Fortis, although these amounts have not been finalized.
The purchase price is reported at the net tangible asset value of MNI Holdings and as such, no goodwill is expected to be recorded on Maybank's balance sheet, S&P added.
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