Friday 29 Mar 2024
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KUALA LUMPUR (June 27): United Arab Emirates-based Aabar Investments PJS has ceased to be a substantial shareholder of RHB Bank Bhd after disposing of 231 million shares, the bank said in a bourse filing.

Previously the group’s third largest shareholder with a 9.99% stake, back-of-the-envelope calculations indicate that Aabar would be left with a less than 5% stake post disposal, based on RHB’s issued share capital of 4.01 billion, according to its 2018 annual report.

Following Aabar’s paring of its stake in RHB, the indirect interest held by International Petroleum Investment Company PJSC and Mubadala Investment Company PJSC are also no longer deemed substantial.

Aabar is a unit of International Petroleum Investment Company PJSC, and also an indirect subsidiary of Mubadala Investment Company PJSC.

In March, Aabar trimmed its holdings in the country’s fourth largest banking group when it disposed of 191 million shares or 4.76% of its previous 14.75% stake. Its equity interest was subsequently further reduced to 9.99%.

RHB’s largest shareholder is EPF with 1.63 billion shares or a 40.62% stake.

RHB closed three sen or 0.53% lower today to RM5.59, with 8.17 million shares done. Year-to-date it is up 6%.

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