Representatives of the EPF and Middle East based Aabar Investmnets are scheduled to meet in the next two weeks from 15 April 2013 matters relating to RHB Cap. These include a potential restructuring exercise that may bring about a privatization.
Pricing and valuation are key and is likely to be one of the topics discussed when they meet.
Should there be a decision to privatize the banking group, Aabar’s buy in is crucial given its large stake in the group.
Meanwhile OSK Holdings Bhd is open to the corporate restructuring plan.
Aabar currently (April 2013) has a 22% stake in RHB Cap. Its stake was diluted from 25% following the acquisition of OSK Investments Bank Bhd which was paid for with 245 million new RHB Cap shares worth rm7.36 each and em147.5 million cash. The EPF is the single largest shareholder of RHB Cap with a 41% stake while OSK has 9.8%.
It is believed Aabar’s high entry price – at more than rm10 per share – could pose a stumbling block to a restructuring of RHB Cap that could involve a privatization. However market observers opine that any privatization offer of RHB Cap now (April 2013) would likely not cross the rm10 mark.
For example, Should RHB Cap be privatized at rm9.00 per share, that would translate into a valuation of 1.48 times price to book. The book value of RHB Cap stood at rm6.06 as at Dec 2012.
To recap, Aabar paid rm10.80 per share in June 2011 for ADCB’s 25% in RHB cap. The rm10.80 per share deterred Maybank and CIMB from launching a takeover of the RHB group. ADCB’s intention to hive off its stake in 2011 was perceived to be one of the catalysts for a merger of RHB Cap with other banking group.
Earlier it was reported that a proposal to restructure RHB Cap in an exercise that will lead to its privatization in an effort to create better value and improve tax efficiency. The extensive proposal included the option for RHB Bank to be relisted later. The banking group could also be enlarged with the subsequent injection of MBSB.
The timing of the restructuring and whether ther major shareholders of the group – which includes the EPF – are agreeable to the proposal, remain unknown.
10 comments:
Excellent blog here! Also your web site loads up
fast! What web host are you using? Can I get your affiliate link to your host?
I wish my site loaded up as quickly as yours lol
My blog post: Biotechnology and Bioengineering
Not only will they have cool items to add to Myspace, they will learn something about our country in the process.
This trend brings more enthusiast people to upload the beautiful funny videos to share with others and
get their precious feedback. There are a few
selections of these to choose from on this site
too.
Here is my web blog; click the next web site
Helping optimistic people excel - in 7 areas of life is her mission.
Then you'll have no trouble motivating yourself to do it. Get your heart rate up with a quick burst of fast movement.
Visit my web page ... mouse click the up coming website page
Or maybe you look at it from a monetary standpoint and
decide that Guy Ritchie and Madonna divorce was worse because they were
married so long and have children and there is a lot of money
involved. Aamir Khan and Amitabh Bachchan had a rough battle, when the movies
related to them were released at the same time. instantly and cannot wait
for magazines then celebritynewsapp is the best available source which keeps on updating instantly.
Here is my web-site hot news
My brother suggested I might like this website. He was entirely
right. This publish actually made my day. You cann't consider just how much time I had spent for this info! Thank you!
Also visit my web page ... bmi calculator for females
I like the helpful info you provide in your articles. I'll bookmark your weblog and check again here frequently. I am quite sure I'll learn a lot of new stuff right here!
Best of luck for the next!
my webpage; total curve where to buy
Iím amazed, I have to admit. Seldom do I come across a blog thatís equally
educative and amusing, and without a doubt,
you have hit the nail on the head. The problem is something that too few men and women are speaking intelligently
about. I am very happy I found this in my hunt for something relating to this.
my web page dailynews
I got this web page from my pal who informed me
about this web page and now this time I am browsing this website and reading very informative articles at this place.
Look at my page ... proactol online
Hello this is kind of of off topic but I was wondering if blogs use WYSIWYG editors
or if you have to manually code with HTML. I'm starting a blog soon but have no coding skills so I wanted to get advice from someone with experience. Any help would be greatly appreciated!
Here is my website; vigrx plus
Hey just wanted to give you a brief heads up and
let you know a few of the pictures aren't loading correctly. I'm not sure why but I think its a linking issue.
I've tried it in two different web browsers and both show the same outcome.
my site: http://deerantlerplus.herbalcurenow.com/
Post a Comment