epf-sells-25-stake-in-rhb-capital

EPF sells 25% stake in RHB Capital

Abu Dhabi Commercial Bank pays $1.2 billion for the 25% stake in RHB Capital, Malaysia's fourth largest bank. EPF's stake will be cut from 82% to 57%.

Malaysia's Employees Provident Fund EPF and Abu Dhabi Commercial Bank ADCB have signed an agreement to finalise the sale of the pension fund's 25% stake in RHB Capital to ADCB.

Based on a purchase price of RM7.20 $2.25 per share, the deal is valued at RM3.876 billion $1.212 billion, making it the largest investment so far by a Middle East investor in Malaysia's financial sector. The deal is expected to pave the way for a strategic partnership between the EPF and ADCB and drive RHB Capital's goal of being among the top three financial service providers in the Asean region by 2020.

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