KUALA LUMPUR, Sept 18 — Bank Negara Malaysia (BNM) has imposed a limit on Abu Dhabi firm Aabar Investments PJS’ voting rights and the new shares it can take up in local bank RHB Capital Bhd (RHBCap), news portal The Star Online reported today.
In a filing to Bursa Malaysia yesterday, RHBCap said BNM had through a September 14 letter told it to give effect to an order to cap Aabar’s voting rights to 15 per cent.
BNM also said that RHBCap is barred from issuing more than 15 per cent of its new shares to Aabar.
The central bank said the shareholding condition it was imposing on Aabar is in respect to the Finance Minister’s initial approval for Aabar to acquire a 24.9 per cent stake in RHBCap.
According to The Star Online, Aabar currently holds a 21.09 per cent stake in RHBCap.
RHBCap is now seeking to raise RM2.5 billion by issuing new shares to its existing shareholders, the portal said.
Aabar has yet to give any undertaking to subscribe to the rights issue, while shareholders Employees Provident Fund and OSK Holdings Bhd have already given such an undertaking, The Star Online reported.
It said Aabar will have to spend around RM374.29 million if it subscribes to 15 per cent or the 77.65 million new shares it is entitled to take up.
