CIMB Group Holdings Bhd (1023) plans to buy a 32.22 per cent stake in Touch N' Go Sdn Bhd (TnG) from UEM Group Bhd and UEM Builders Bhd for RM53.8 million.

CIMB Group Holdings Bhd (1023) plans to buy a 32.22 per cent stake in Touch N' Go Sdn Bhd (TnG) from UEM Group Bhd and UEM Builders Bhd for RM53.8 million.

Its unit CIMB SI 1 Sdn Bhd entered into an agreement with the two firms yesterday.

Once completed, the deal will bring CIMB's total stake in TnG to 52.22 per cent from 20 per cent. UEM Group will retain a 20 per cent stake in TnG, while MTD Capital Bhd owns the balance 27.78 per cent.

TnG, the electronic toll collection operator, posted a net profit of RM15.6 million for the financial year ended December 31, 2009.
CIMB Group group chief executive officer Datuk Seri Nazir Razak said that TnG's capabilities would be complementary to CIMB Group's businesses.