Aabar ceased to be a substantial shareholder in RHB Bank in June last year after its sold another block that brought down its shareholding in the bank to less than 5%. The EPF is currently the largest shareholder in RHB Bank with a 42.86% stake. PETALING JAYA: Aabar Investments PJS is exiting RHB Bank Bhd by putting up its remaining 4.23% stake in the bank for sale for close to RM1bil. According to sources, the Abu Dhabi-based fund is offering its entire stake of 169.52 million shares for sale at a price range of RM5.45 to RM5.62 per share, which will see it receiving up to RM953mil. The selling price was offered at a discount of up to 6.8% of its last close which was unchanged at RM5.85 yesterday. The sale of the block of shares will be a 100% secondary placement via accelerated book-building exercise. Aabar is a sister company of the Abu Dhabi Commercial Bank (ADCB), which in turn is a unit of sovereign wealth fund Mubadala Investment Co. Mubadala’s entry into RHB Bank started in May 2008 at RM7.20 per share where it forked out RM3.88bil for a 25% block of the bank in a transaction booked at 2.3 times the book value. It was the second-highest valued banking transaction at that time. The person who mediated the entry of Aabar into RHB Bank was fugitive businessman Low Taek Jho. Aabar first emerged as a substantial shareholder in RHB Bank in 2011 after it bought a 24.9% stake in the bank from ADCB. It was reported that Aabar paid RM10.80 a share, or 2.2 times book value, for the shares in RHB Bank. The stake was later diluted to 17.7% in 2016 because the fund did not take up the rights shares issued by RHB Bank. In August 2018, it sold 120.3 million shares at RM5.12 per share, netting an estimated RM615.9mil. Aabar’s stake came down to about 14.5% after the August disposal. In March last year, it disposed of another 3% or 191 million shares in RHB Bank for RM1.05bil, also via a book-building. Aabar ceased to be a substantial shareholder in RHB Bank in June last year after its sold another block that brought down its shareholding in the bank to less than 5%. The Employees Provident Fund is currently the largest shareholder in RHB Bank with a 42.86% stake.
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