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RHB Cap extends losses in afternoon trade
by hlk Thu 23 Jun 2011, 15:37
KUALA LUMPUR: RHB CAPITAL BHD []’s share price extended its losses at the start of the afternoon trade on Thursday, June 23 on news reports that CIMB Banking Group and MALAYAN BANKING BHD [] might not go ahead with their separate takeover bids.
At 2.34pm, RHB Cap fell 55 sen to RM9.05 with 7.91 million shares done.
The FBM KLCI fell 3.08 points to 1,564.27. Turnover was 416.97 million shares done valued at RM605.96 million. Losers led gainers 369 to 208 while 292 stocks were unchanged.
The Singapore Straits Times, citing executives close to the situation said the decision by the two banks came after one of RHB's shareholders, Abu Dhabi Commercial Bank , signed the sale agreement of its 25 percent stake in RHB with Abu Dhabi-based investment fund Aabar Investments for RM10.80 ($3.56) per share.
The sources said the stake sale by Abu Dhabi Commercial Bank has complicated the proposed takeover, according to the paper.
"Pricing wise, the takeover doesn't make much sense now. There is going to be a cooling down and the two banks may revisit the prospect of a merger with RHB at some other time," it quoted a senior financial executive as saying.
At 2.34pm, RHB Cap fell 55 sen to RM9.05 with 7.91 million shares done.
The FBM KLCI fell 3.08 points to 1,564.27. Turnover was 416.97 million shares done valued at RM605.96 million. Losers led gainers 369 to 208 while 292 stocks were unchanged.
The Singapore Straits Times, citing executives close to the situation said the decision by the two banks came after one of RHB's shareholders, Abu Dhabi Commercial Bank , signed the sale agreement of its 25 percent stake in RHB with Abu Dhabi-based investment fund Aabar Investments for RM10.80 ($3.56) per share.
The sources said the stake sale by Abu Dhabi Commercial Bank has complicated the proposed takeover, according to the paper.
"Pricing wise, the takeover doesn't make much sense now. There is going to be a cooling down and the two banks may revisit the prospect of a merger with RHB at some other time," it quoted a senior financial executive as saying.
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