The Employees Provident Fund Board (“EPF”), had on 30 April 2025, entered into 16 sale and purchase agreements with CIMB Bank Berhad (“CIMB Bank”), a wholly owned subsidiary of CIMB Group Holdings Berhad for a total cash consideration of RM209,813,381.88.
 
CIMB Bank has been leasing 24 properties from EPF pursuant to a lease agreement dated 30 December 2009 (“Lease Agreement”). The lease for these 24 properties were to expire on 30 June 2025. On 30 April 2025, CIMB Bank entered into 16 sale and purchase agreements to acquire 16 of the 24 properties from EPF which are presently utilised by CIMB Bank for its banking business. With the execution of the SPAs, the Lease Agreement between EPF and CIMB was terminated.
 
Where applicable, completion of the sale and purchase of each of the 16 properties is subject to consent of the relevant State Authority and/or approval of the Ministry of Economy.
 
In addition to the above transaction, CIMB Bank has also undertaken to repurchase the remaining eight properties at a pre-determined price based on valuations provided by an independent valuer in the event EPF is unable to dispose of those properties to third parties. The obligation by CIMB Bank to repurchase the unsold properties is consistent with the terms of the Lease Agreement.
 
Skrine acted for EPF in the transaction. The team comprised Lee Ai Hsian (Partner), Javene Fan (Senior Associate) and Chong Zhi Shin (Associate).
 
Media coverage of the transaction can be accessed at:
 
Transactions (Chapter 10 of Listing Requirements): Related Party Transactions Related Party Transaction in Respect of Sale and Purchase of Properties by CIMB Bank Berhad
 
CIMB Bank to buy 16 properties for RM209.8 mil from major shareholder EPF
 
CIMB Bank to acquire 16 properties from EPF for RM209.81mil