Japan’s UFJ believed sold stake in CAHB

  • Business
  • Thursday, 11 Sep 2003

JAPAN’S UFJ Holdings Inc has sold its 2.8% stake in Commerce Asset-Holding Bhd (CAHB) for RM3.76 a share, dealers said yesterday. 

The block of 71.4 million shares in Malaysia’s second biggest lender was placed out on Tuesday through Commerce International Merchant Bank and was fully taken up mainly by foreign institutional investors, they said. 

The sale raised RM268.5mil. Prior to that, the Japanese bank was the single largest foreign investor in CAHB. 

UFJ officials were not immediately available for comment. 

The price of RM3.76 per share was at a 2.6% discount to CAHB's Tuesday’s closing level of RM3.86. But it was the same price fetched by debt-laden Renong Bhd when it unloaded a total of 9.1% of CAHB in July and August. 

CAHB’s biggest shareholder, the Employees Provident Fund, currently controls about 20% of the bank, followed by Khazanah Nasional with 13.3%. – Reuters  

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