RHB BANK CORPORATE LOGO. AZHAR MAHFOF/The Star REPORTER: JOSEPH CHIN
KUALA LUMPUR: RHB Bank Bhd is targeting to get the necessary approvals in order to be listed on Bursa Malaysia by second quarter of this year, said RHB Banking Group managing director Datuk Khairussaleh Ramli.
“We are still waiting for the necessary approvals and we hope we can get it done soon by the second quarter,” he told reporters at a company event on Friday.
In April last year, the RHB group had announced an internal restructuring and a rights issue that would result in the banking business – RHB Bank Bhd – taking over the listing status of RHB Cap.
Khairussaleh noted that RHB Cap had completed a rights issue exercise in December, raising about RM2.35bil.
“The rights issue exercise would strengthen us as far as capital is concerned and has put us among the best capitalised banks in Malaysia,” he said.
Under the proposed reorganisation, RHB Cap will transfer certain assets and liabilities to the bank for RM3.71bil. RHB Cap will use the money to repay its borrowings.
The management expects the restructuring to improve tax efficiency of the group in light of the recent change from the two-tier tax system to a single-tier tax system as well as position RHB Bank to spearhead the group’s future growth.
Meanwhile, Khairussaleh said the group was focusing on organic growth and was not looking for a possible merger or acquisition.
“Right now, our focus is on organic growth and fundamentals,” he said.
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