KUALA LUMPUR (Aug 10): Malayan Banking Bhd (Maybank) has sold Maybank Asset Management Thailand Co Ltd (MAMT) to Thailand-based Capital Link Holding Ltd. Maybank said the sale enabled the seller to "optimise the company's current resources in the most efficient manner".

In a statement to Bursa Malaysia today, Maybank said its subsidiary Maybank Asset Management Group Bhd (MAMG) sold its 99.99% stake in MAMT to Capital Link yesterday (closing date).

Today, Maybank did not disclose the price for the MAMT stake, only indicating that based on MAMT's audited accounts as at June 30, 2016, its net book value was 103.1 million baht or about RM11.9 million.

"The sale was completed as part of MAMG's continuous effort and strategy to improve its regional business operations and optimise the company's current resources in the most efficient manner. MAMT ceased to be an indirect subsidiary of Maybank with effect from the closing date.

"The sale will not have any effect on the share capital of Maybank and substantial shareholders' shareholdings in Maybank and does not have any material effect on the consolidated earnings and net assets of Maybank for the financial year ending Dec 31, 2016," Maybank said.

At 12:30pm today, Maybank shares fell two sen or 0.25% to settle at RM7.98 for a market capitalisation of RM79.87 billion. The stock saw 857,600 shares traded.