NST Online Business Times : latest
NST Online Business Times : latest |
| RHB,OSK rise on planned merger talks Posted: 29 Sep 2011 06:15 PM PDT Shares in Malaysia's RHB Capital Berhad and OSK Holdings Berhad rose on Friday after the companies said they had asked for central bank approval to start merger talks. The two financial groups said on Thursday that they had submitted an application to Bank Negara for approval to start talks to merge RHB's banking business with that of OSK Investment Bank. RHB was earlier the subject of a takeover target by larger rivals Maybank and CIMB , but talks fell through due to pricing considerations. Previous local media reports said that Maybank was keen to acquire OSK, but the latter had said it was not in any serious talks although it had been approached by many parties to explore equity partnerships. Hwang DBS said an RHB-OSK Investment merger would cost RHB about RM2.1 billion-RM2.8 billion (US$660 million-US$880 million) based on OSK's latest book value of RM1.57 per share. "OSK has been spreading its wings regionally for its broking business, including to Singapore and Indonesia, apart from having a bank in Cambodia," Hwang said in a research note on Friday. "RHB Capital's merger move indicates that it does not want to be left out in the capital market race. We think RHB Capital is taking the opportunity of current market conditions to commence negotiations." RHB's shares rose as much as 2.7 per cent while OSK's jumped as much as 25.9 per cent in early trade on Friday. RHB was up 2.4 per cent at RM7.33 by 0125 GMT while OSK shares were up 20.1 percent at RM1.67, compared with the broader market's 0.8 per cent gain. - Reuters |
| CIMB climbs after Thai stake purchase Posted: 29 Sep 2011 06:57 PM PDT CIMB Group Holdings Bhd, Malaysia's second-largest bank, rose in Kuala Lumpur trading after saying it bought 70 percent of Thailand's Sicco Securities Pcl for 767.9 million baht (US$24.6 million). The stock climbed 1 percent to RM6.95 at 9:33 a.m. local time. -- Bloomberg |
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