Maybank sets rights issue price

Malaysia's largest lender lives up to its promise and offers the shares at a 34.4% discount to the theoretical ex-rights price, but fails to halt the slide in its stock.

Malayan Banking, or Maybank, has fixed the issue price of its upcoming M$6 billion $1.6 billion rights offering at M$2.74 per share, offering shareholders a chance to increase their holdings at a 43.2% discount to last Thursday's close of M$4.82.

The price, which was announced before the opening of trading Friday, represents a 34.4% discount to the theoretical ex-rights price of M$4.17 per share, which is in line with the Malaysian bank's earlier promise of a 30%-40% discount. It is...

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