Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 21): RHB Bank Bhd and AMMB Holdings Bhd have requested a suspension of trading in their securities tomorrow, pending a material announcement regarding a proposed merger.

In a filing with Bursa Malaysia today, AMMB said this is in relation to an announcement made on June 1, in which it received approval from Bank Negara Malaysia (BNM) to commence negotiations with RHB Bank for a possible merger of their businesses and undertakings. The approval is valid until Nov 30.

"The company has requested for a suspension of the trading of its securities from 9am to 5pm (tomorrow). Bursa Securities has on even date, approved the request," it added.

In a separate filing, RHB Bank said as such, all its structured warrants will also be suspended at the same time.

The two lenders have until the end of August to discuss the merger deal on an exclusive basis.

If the merger happens, it will create the fourth-largest bank by assets in the country.

RHB Bank shares closed 7 sen or 1.41% lower at RM4.88, with 458,200 shares done, for a market capitalisation of RM19.57 billion. AMMB shares, meanwhile, were unchanged at RM4.70, with 4.14 million shares changing hands, valuing it at RM14.17 billion.

 

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