Maybank plans to issue 244.257mln new shares

The high level of reinvestment under dividend plan showed the confidence shareholders had in the bank.

Malayan Banking Bhd (Maybank) is required to issue 244.257 million new Maybank shares pursuant to the Dividend Reinvestment Plan applied to the final dividend of the bank for financial year ended June 30, 2010.

In a statement on Tuesday, Maybank Investment Bank Bhd said the new shares represented approximately 88.59 per cent of the 275.728,660 million new Maybank shares had all the entitled shareholders elected to reinvest their respective electable portions in new Maybank shares, according to a report in Bernama.

President/chief executive officer of Maybank, Datuk Seri Abdul Wahid Omar, said the high level of reinvestment signified the confidence shareholders had in Maybank.