Malayan Banking Bhd, through its wholly-owned subsidiary Mayban IB Holdings Sdn Bhd, has announced its intention to make a mandatory unconditional cash offer to acquire all the ordinary shares of Kim Eng Holdings Ltd at S$3.10 per share.

The offer is made for those shares not already owned by Mayban IB Holdings, its related corporations and their respective nominees.

In a statement, Maybank said it was making the offer based on the satisfaction of certain key conditions in the sale and purchase agreements with Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Ltd, for the acquisition of about 15.4% and 29.2% stakes respectively in Kim Eng.- The Star.