Maybank Says Deal to Sell Indonesia Unit's WOM Finance Stake Scrapped

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Malayan Banking Bhd. (1155.KU), known as Maybank, said Thursday the proposed sale of its Indonesian unit's entire 68.55% stake in WOM Finance to PT Reliance Capital Management for 229.08 million ringgit ($52.9 million) had been scrapped.

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Maybank said certain conditions that were supposed to be fulfilled by April 30 hadn't been met.

WOM Finance provides financing for new and used motorcycles. Maybank is Malaysia's largest bank by assets and Southeast Asia's fourth-largest bank.

WOM Finance will continue to be a subsidiary of Maybank Indonesia, Maybank said in a local stock-exchange filing.

Shares of Maybank ended 4.1% lower at MYR9.20 before the company's announcement. Shares of Jakarta-listed WOM Finance, formally known as PT Wahana Ottomitra Multiartha (WOMF.JK), ended down 20.7% at 157 rupiah.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

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(END) Dow Jones Newswires

May 04, 2017 05:54 ET (09:54 GMT)