KUALA LUMPUR: Aabar Investments PJS is putting its remaining 169.5 million shares in RHB Bank Bhd for sale via an accelerated book building exercise. Sources said Aabar is seeking to raise around RM953mil from the sale. JP Morgan and Maybank are said to be the joint bookrunner for the deal. The shares, which equals to a 4.23% stake in RHB Bank, will be priced at between RM5.45 and RM5.62 per share. Shares in RHB Bank were last traded at RM5.85 on Monday. Aabar is an indirect subsidiary of Abu Dhabi sovereign wealth fund Mubadala Investment Co. The fund first emerged as a substantial shareholder in RHB Bank in 2011 after it bought a 24.9% stake in the bank from sister company Abu Dhabi Commercial Bank. 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, Aabar 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%.
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