KUALA LUMPUR, Aug 15 – RHB Bank Bhd fell over 3% in early trade on news that Mubadala Investment Co has sold off an estimated 3% of its stake in the bank.
The bank fell 3.56%, or 19 sen to RM51.15 in early trade, making it one of the top losers.
Abu Dhabi sovereign wealth fund Mubadala has sold off an estimated 3% of its stake in RHB Bank Bhd, following through on its plans to sell its non-core assets to both global and local investors.
The stake sale, via Mubadala’s unit Aabar Investments PJS, breaks staunch resistance where Aabar in the past did not see through the sale of its 17.8% block in RHB Bank, claiming that it wanted to recoup the value of the block.
Sources said Mubadala offered 120.3 million shares or 3% of RHB Bank’s enlarged share capital to be sold through a book-building exercise at a range of RM5.07 to RM5.18 per share.