EPF sells 25% stake in RHB Capital
Abu Dhabi Commercial Bank pays $1.2 billion for the 25% stake in RHB Capital, MalaysiaÆs fourth largest bank. EPFÆs stake will be cut from 82% to 57%.
MalaysiaÆs Employees Provident Fund (EPF) and Abu Dhabi Commercial Bank (ADCB) have signed an agreement to finalise the sale of the pension fundÆs 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 MalaysiaÆs financial sector. The deal is expected to pave the way for a strategic partnership between the EPF and ADCB and drive …
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