Notable Trade Mitsubishi UFJ trims stake in Public Bank

• Notable Trade
  

Mitsubishi UFJ trims stake in Public Bank

By Gho Chee Yuan / theedgemarkets.com   | November 23, 2015 : 7:53 PM MYT   
KUALA LUMPUR (Nov 23): Japan-based [size=16]Mitsubishi UFJ Financial Group Inc (MUFG) ([You must be registered and logged in to see this image.] Valuation: None, Fundamental: None) has trimmed its stake in Public Bank Bhd to 4.986%.
In a filing with Bursa Malaysia today, the country's third largest banking group said MUFG has sold a total of 1.6 million shares and acquired 75,000 shares in the group on Nov 16, for an undisclosed amount.
Following the sales of 1.6 million shares and purchase of 75,000 shares, Public Bank said MUFG should have 192.52 million shares, translating to a 4.986% stake in the company, which fell below the 5% threshold to be considered a substantial shareholder.
"The percentage of MUFG's indirect/deemed interests in PBB (Public Bank) ([You must be registered and logged in to see this image.] Valuation: 1.80, Fundamental: 2.80) shares of 4.986% is computed based on the total number of PBB shares in issue excluding 20.64 million PBB shares bought back by PBB and retained as treasury shares as at Nov 23, 2015," Public Bank said.
MUFJ emerged as Public Bank's substantial shareholder on Oct 29, with a 5.002% stake, after purchasing 193.15 million shares in the Malaysian entity on Oct 21 this year.
Today, Public Bank shares rose 12 sen or 0.66% to close at RM18.22, for a market capitalisation of RM70.36 billion.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
 
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