KUALA LUMPUR (Jan 13): Top gainer CIMB Group Holdings Bhd rose as much as 6% after The Edge Financial Daily (Edge FD) reported the planned merger of CIMB, RHB Capital Bhd and Malaysia Building Society Bhd (MBSB) would be called off.

At about 10am, CIMB rose as much as 32 sen to RM5.50 before reducing gains at RM5.49. The stock saw some five million shares done.

RHB Capital climbed as much as 17 sen or 2% to RM7.90 before paring gains at RM7.87. The fourth-largest gainer saw about 1.4 million shares traded.

MBSB, however, fell as much as 15 sen or 7% to RM2.04 before reducing losses at RM2.09. The ninth most-active stock saw around 12 million units transacted.

Edge FD, quoting sources, reported today the CIMB-RHB Capital-MBSB merger is off and an announcement was expected before the end of the week.

Some fund managers said news that the deal is off would  be positive for CIMB and RHB Capital. This is because their share prices have underperformed due to uncertainties and concerns arising from the protracted negotiations.