PETALING JAYA: After a protracted period, Utama Banking Group Bhd (UBG) agreed to sell all its stocks in Rashid Hussain Bhd (RHB) to the Employees Provident Fund (EPF) for RM2.25bil cash, more than double an earlier offer, reportedly just RM1bil, from the fund in June last year.
While EPF will win control of the RHB banking group, UBG is also a clear winner as it will get RM2.25bil cash, equivalent to about RM3.30 per UBG share.
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