Home
Acquired RHB
During the course of 1999, 2000, and 2001, in line with Bank Negara’s policy of consolidating Malaysia’s banking industry, CMS subsidiary, Utama Banking Group (UBG) took part in merger proposal negotiations. The first prospective partner was PerwiraAffin Bank Bhd, but this did not materialise. The second was Arab Malaysian Bank Berhad (AMBB), with whom UBG went to the extent of signing a Sales and Purchase Agreement, but that also didn’t cross the line after AMBB sought to make changes to the agreement. Next, it talked to EON Bank but nothing came to fruition. UBG then embarked on a fourth set of merger talks, this time with Rashid Hussain Bhd (RHB), Malaysia’s third largest banking group. UBG set out to merge with RHB, and announced the successful completion of merger talks on 20 March 2002. On 1 May 2003, RHB Bank Bhd officially merged with Bank Utama and formed the RHB Group.
The financial services business was one that had then complemented the Group’s banking business. This business unit was restructured after the merger of CMS Capital Sdn Bhd and K&N Kenanga Holdings Berhad.
Following a period of rapid diversification, on 15 December 1996, the CMS Board agreed to change the company’s name from Cement Manufacturers Sarawak Berhad to Cahya Mata Sarawak Berhad, subject to approval from the Sarawak State Secretary’s Office. This was obtained in a letter dated 5 March 1996, and the change was officially made on 13 June 1996. ‘Cahya Mata’ in Malay refers to a special child or literally ‘apple of the eye.’ Thus Cahya Mata Sarawak can mean ‘Sarawak’s favourite son.’ This concept has been further extended through CMS’ current vision statement, “To be the PRIDE of Sarawak and Beyond”. The CMS logo was also changed from the angular blue design to the present on comprising the colours of the Sarawak flag: yellow, red and black. The interlocking shapes of the logo reflect the concepts of yin and yang and represent the Group’s two main divisions at the time: infrastructure and investment.
