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Tuesday, June 28, 2016

RHB Bank opens at RM4.64 amid weak market

Tuesday, 28 June 2016 | MYT 9:19 AM
RHB Bank opens at RM4.64 amid weak market

KUALA LUMPUR: RHB Bank Bhd, which took over the listing status of RHB Capital Bhd in a corporate exercise, started trading on the Main Market of Bursa Malaysia on Tuesday and opened at RM4.64.

At RM4.64, this was five sen below the adjusted price of RM4.69. There were 4,100 shares done.

At 9am, the FBM KLCI was down 5.2 points or 0.32% to 1,624.32. Turnover was 17.99 million shares valued at RM5.82mil. There were 30 gainers and 74 losers.

Its last traded price as RHB Capital was RM6.10 before the banking group's internal restructuring where shareholders received 1.3 RHB Bank shares for every one RHB Capital share.

Reports said the corporate exercise saw the injection of RM2.49bil capital into RHB Bank in exchange for 447.84 million new RHB Bank shares, which were issued at a price of RM5.56 per share, pricing RHB Bank at a price to book value of about 1.1 times.

On Monday, RHB Bank released the compositions of the bank’s board of directors as well as its audit committee and nominating and remuneration committee.

RHB Bank said the board would be headed by chairman Tan Sri Azlan Zainol, who was appointed the chairman of RHB Bank in July 2005 and RHB Cap on June 14.

Azlan was previously the Employees Provident Fund chief executive officer (CEO) until his retirement in April 2013. He has also served as the managing director of AmBank Bhd and AmFinance Bhd.

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