RHB to cancel sale of RHB Capital if it accepts EON Capital's offer
Rashid Hussain Bhd, the Malaysian financial services holding company, has made a renouncable offer of sale of RHB Capital, in which it holds a 65% stake. The proceeds from the sale would be used to pay RHB debts, including those owed to RHB Capital. the Business Times in Malaysia provides a before-and-after chart of the effect of the sale. The one unknown if the deal goes through is where the 65 percent stake would end up. The sale of RHB Capital would not directly affect KFH offer for a 32% stake in RHB (currently held by Utama Banking Group). If RHB accepts the offer made by EON Capital, the sale of RHB Capital would not go forward. However, despite assurances from RHB that the sale of RHB Capital does not present an attempt to hinder the EON Capital offer, it appears that KFH remains favored to take over RHB.
Shares in RHB Capital were down over uncertainty about the EON Capital offer for RHB.
Islamic Bank of Thailand
Reuters provides an interesting interview with the head of the Islamic Bank of Thailand, a Buddhist from the northern part of the country. The bank attempts to bridge the divide that has lead to an insurgency in the Muslim south of the country against the Buddhist government by promoting development and poverty reduction through micro-financing projects throughout the south. " The four-year-old bank has 50,000 customers and 100 million baht [$2.8 million] in outstanding Islamic loans in the south. It aims to expand to 300,000 customers and 500 million baht [$14 million]in loans there by 2008."
Brunei breaks ground for Centre for Islamic Banking, Finance and Management
The new building will house the Centre for Islamic Banking, Finance and Management at the Universiti Brunei Darussalam. It will open by the end of 2008.
Brunei offers short-term ijara certificates
The certificates will have a 90 day maturity and a yield of 3.15%. Brunei is selling B$90 million ($58 million) of ijara certificates.
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