RHB falls as Aabar sells shares near low end of price range

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KUALA LUMPUR (March 6): RHB Bank Bhd shares fell as much as 28 sen or 4.9% to RM5.43 so far today as investors reacted to news that United Arab Emirates-based Aabar Investments PJS is placing out some 191 million RHB shares at RM5.45 each to institutional investors.

At RM5.45 each, it was reported that Aabar is selling the RHB shares near the low end of the marketed range at between RM5.43 and RM5.54 each and at a discount to RHB's closing price of RM5.71 on Bursa Malaysia yesterday.

Today, The Edge Financial Daily reported that Aabar is placing out about 191 million shares or 4.76% of its 14.75% stake in RHB. The sale of the RHB shares to foreign and local funds will trim Aabar's RHB stake to 9.99%, according to the daily.

At 12:30pm today, RHB settled 18 sen or 3.15% down at RM5.53 with about 11 million shares traded. The stock's highest and lowest prices so far today were RM5.54 and RM5.43 respectively.

RHB was the top decliner, in percentage terms, among the 30 KLCI constituents.

The KLCI settled up 0.87 point at 1,686.49 at 12:30pm.