RHB Capital Bhd.said April 6 that it entered into a share sale agreement to transfer its entirestake in its subsidiaries to RHB BankBhd. for 3.41 billion ringgit, as part of its internal .
Under the agreement, RHB Bank will acquire RHB Investment Bank Bhd., RHB Insurance Bhd., RHB Equities, RHB Kawal, RHB Capital(Jersey), RHBF, RHB Finexasia.Com, RHB Trustees and Malaysian Trustees.
The share sale agreement is subject to shareholder approval andother conditions.
RHB Bank also agreed to acquire certain assets and liabilitiesof RHB Hartanah Sdn. Bhd., including its subsidiary RHB Property Management Sdn.Bhd., for a total purchase consideration of 298.4 million ringgit.
In addition, RHB Bank will acquire two pieces of land from RHBHartanah for 225.5 million ringgit and 67.7 million ringgit, respectively.
The proposed internal reorganization is expected to be completedby the second quarter.
As of April 7, US$1 wasequivalent to 3.94 Malaysian ringgit.