PETALING JAYA: Bank Negara Malaysia (BNM) has given the green light to RHB Bank Bhd to commence negotiations with Tokio Marine Asia Pte Ltd for the proposed disposal of its stake in RHB Insurance.
In a filing with Bursa Malaysia, RHB Bank said the approval is valid for six months from July 29, 2019. The bank is looking to sell up to 94.7% of its equity interest in RHB Insurance.
Pursuant to the Financial Services Act 2013, the relevant parties will need to obtain the prior approval of the Finance Minister with the recommendation of BNM, before entering into any definitive agreement for the proposed disposal.
Trading in RHB Bank’s shares was suspended from 9am till 2.30pm today. At 3.50pm, the stock was 0.37% or 2 sen higher at RM5.46 with 1.22 million shares traded.
