Abu Dhabi – Mubasher: The UAE-based Aabar Investments, a unit of Abu Dhabi sovereign fund Mubadala Investment, announced that it plans to sell a 4.8% stake of its total 14.75% in Malaysia’s RHB Bank.
Selling shares worth $260 million will bring Aabar’s stake down to 9.99% in Malaysia’s fourth-largest banking group, people familiar with the issue told Bloomberg News.
The price for the placement is to range be between RM5.43 and RM5.54 per share, the people added.
J.P. Morgan, the American multinational investment bank and financial services company, will arrange the bid.
Aabar Investments’ stock will be suspended for 60 days until finalising the transaction.
