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.
Maybank said certain conditions that were supposed to be fulfilled by April 30 hadn't been met.
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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.
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(END) Dow Jones Newswires
May 04, 2017 05:54 ET (09:54 GMT)