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Hot Stock OSK climbs 9% on CIMB-RHBCap-MBSB merger plan submission
by Cals Fri 10 Oct 2014, 00:50
| Hot Stock OSK climbs 9% on CIMB-RHBCap-MBSB merger plan submission |
| Business & Markets 2014 |
| Written by Charlotte Chong of theedgemalaysia.com |
| Thursday, 09 October 2014 14:47 KUALA LUMPUR (Oct 9): OSK Holdings Bhd rose as much as 8% following news that CIMB Group Holdings Bhd, RHB Capital Bhd (RHBCap) and Malaysia Building Society Bhd (MBSB) had submitted their merger plans to Bank Negara Malaysia (BNM) last night. OSK owns 9.9% in RHBCap. Today, OSK rose to RM2.22 at 2.48pm. The stock, which was the 10th-largest gainer across the local bourse, had earlier risen as much as 18 sen or 9% to RM2.25. An analyst from a bank-backed research house told theedgemalaysia.com that the increase in OSK’s share price was due to the three-way merger between CIMB, RHBCap and MBSB. “OSK owns about 9.9% stake in RHBCap and the increase in OSK's share price could be due to the merger. “OSK shareholders may think that the offer is good,” he said. The Edge Financial Daily, quoting sources, reported today CIMB, RHBCap and MBSB had jointly submitted their merger plans to BNM last night, a move which enables them to extend the 90-day period to talk to each other exclusively. According to the source, CIMB, RHBCap and MBSB are expected to announce to Bursa Malaysia today, the submission of the merger plan to BNM. CIMB, RHBCap and MBSB said their share trades has been suspended today pending a material announcement. |
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