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Monday, 3 March 2008

Abu Dhabi Commercial Bank believed received nod for RHB buy

Abu Dhabi Commercial Bank (ADCB) is believed to have received approval to buy a 25% stake in RHB Capital Bhd. The price is estimated at between RM7.20 to RM7.40 per share.

StarBiz learnt that a sales and purchase agreement is expected to be inked soon.

The Employees Provident Fund (EPF), which owns 82.23% of RHB Cap, has expressed confidence the move would help RHB Cap grow into a strong regional financial services group.

Euromoney has named ADCB as the “Most improved Islamic bank in the Middle East” and RHB Cap as the “Most improved Islamic bank in Asia.”

ADCB was also voted as the best bank in the United Arab Emirates this year by the same publication.

ADCB is 64.8% owned by the Abu Dhabi Government through the Abu Dhabi Investment Council.

Total investment by Abu Dhabi individuals and government entities in the Iskandar Development Region, RHB, Putrajaya Perdana, Loh & Loh Bhd and Utama Banking group has exceeded RM7bil.

Substantial investment is expected in finance, insurance, construction, property and energy sectors. Further private-public partnership is expected with individuals, institutions and listed companies to tap the growth potential of the IDR, the Sarawak Corridor for Renewable Energy, Sabah and Eastern Economic Corridors.

Underscoring the strong bilateral ties, Malaysian investment is also expected to be strong in Abu Dhabi and the Middle East. Abu Dhabi has the largest sovereign wealth fund in the world. It is increasing its global influence besides its reputation as a sincere and strategic investor.

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