Trading in RHB, AMMB suspended, groups may be close to merger deal

PETALING JAYA: Trading in shares of RHB Bank Bhd and AMMB Holdings Bhd on Bursa Malaysia has been suspended today. It is believed that the two banking groups are close to sealing a merger deal.
“The request for suspension was made under Paragraph 3.1(b) of Practice Note 2 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad pending a material announcement to be released by the company,” the banking groups said in separate filings with the stock exchange.
RHB’s share price closed seven sen lower at RM4.88 yesterday on 458,200 shares traded, while AMMB’s share price was unchanged at RM4.70 with 4.14 million shares changing hands.
Bank Negara Malaysia granted approval to RHB and AMMB in June for merger talks. The three-month exclusivity agreement on merger talks ends on Aug 30.
The proposed merger is to create the fourth largest banking group in Malaysia in terms of market capitalisation.