KUALA LUMPUR: RHB Capital Bhd (RHBCap) and OSK Holdings Bhd have submitted their application for the possible merger of the businesses between RHB banking group and OSK Investment Bank.
In separate announcements to Bursa Malaysia here yesterday, both banks said they had submitted their applications to Bank Negara Malaysia (BNM) for the approval of the central bank and the Minister of Finance for the proposed merger.
To recap, at end-September, RHBCap announced that it wrote to BNM for approval to commence negotiations with OSK Investment Bank on a possible merger of businesses. The central bank gave its approval on Oct 13.
The pricing of the deal is not known. Nonetheless, The Edge weekly in October reported that RHBCap was likely to pay between 1.9 times and 2.2 times book value of OSK Investment and it would likely involve a share swap.
This article appeared in The Edge Financial Daily, January 12, 2012.
In separate announcements to Bursa Malaysia here yesterday, both banks said they had submitted their applications to Bank Negara Malaysia (BNM) for the approval of the central bank and the Minister of Finance for the proposed merger.
To recap, at end-September, RHBCap announced that it wrote to BNM for approval to commence negotiations with OSK Investment Bank on a possible merger of businesses. The central bank gave its approval on Oct 13.
The pricing of the deal is not known. Nonetheless, The Edge weekly in October reported that RHBCap was likely to pay between 1.9 times and 2.2 times book value of OSK Investment and it would likely involve a share swap.
This article appeared in The Edge Financial Daily, January 12, 2012.
