RHB Cap was the top loser among the 30-stock FBM KLCI stocks but CIMB advanced despite news that RHB Cap could be the holding company in the proposed merger with Malaysia Building Society Bhd (MBSB).
RHB Cap fell 23 sen to RM9.22 but CIMB rose eight sen to RM7.20 and MBSB added four sen to RM2.47. OSK Holdings, which has a large stake in RHB Cap, fell 10 sen to RM2.37.
A local business report said one of the routes being considered currently is for CIMB Group to sell its entire banking business to RHB Cap to be paid by an issuance of new RHB Cap shares. Once RHB Cap takes over CIMB Group's banking assets, the commercial and investment banking businesses of both groups will be consolidated.
The report, quoting sources, saud this route to merger is preferred over an outright purchase of RHB Cap of its assets as this will likely be blocked by Abu Dhabi-based Aabar Investments, which had made clear its objection to any sale unless it is at a price it is happy with.
This proposed scheme is contrary to popular belief that CIMB Group will be the acquired in the mega merger and end up the holding company.
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