Aabar raises RM1.25b in upsized RHB Bank share placement

KUALA LUMPUR: Aabar Investments sold 231m RHB Bank shares at RM5.45 each  for a total of RM1.258bil, Bloomberg reported on Thursday.

The shares at RM5.45 were at the top end of the indicative range, according to terms for the deal obtained by Bloomberg.

Aabar, which is a unit of Abu Dhabi sovereign wealth fund Mubadala Investment Co., was initially marketing 156 million shares of RHB Bank at RM5.43 to RM5.45 apiece.

The placement price was a 1.1% discount to RHB Bank’s last close of RM5.51.

Placement shares represent 5.76% of RHB Bank’s share outstanding.

Aabar will be subject to 60-day lock-up on remaining stake.

JPMorgan and CIMB are joint bookrunners,  Bloomberg reported.

Meanwhile, stock market data showed 78.25 million RHB Bank shares traded off-market at midday at RM5.45 each, which was six sen below Wednesday's closing price of RM5.51.