Thursday, March 08, 2007
EPF wins Utama stake in RHB
Malaysian state pension fund, Employees Provident Fund (EPF), increased its offer for Utama Banking Group's 32.8% stake in Rashid Hussain Bhd (RHB) and will purchase also purchase the remaining shares of RHB and RHB Capital. The announcement was welcomed by Kuwait Finance House, which had also been competing for Utama's stake in RHB. The deal for EPF to purchase Utama's stake ends EON Capital's attempt to take over RHB. Statements from KFH suggest that the agreement will allow KFH to invest $4 billion in RHB and turn it into a large Islamic bank.