Maybank sees 34.1m shares transacted off-market

This article first appeared in The Edge Financial Daily, on January 18, 2017.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) saw a total of 34.1 million shares, representing 0.33% of its total outstanding shares, disposed of via an off-market trade at RM8.05 apiece.
The disposal, which is believed to have been done by the Federal Land Development Authority (Felda), was done in 14 tranches via direct transactions, and could see RM274.2 million raised.
The figure raised is close to the figure of US$63.1 million (RM281.8 million) reported by Dow Jones on Monday.
The report stated that Felda was working on disposing of part of its stake in Maybank at RM8.05 per share. The transaction at RM8.05 was at a discount of 1.47% to the closing price of RM8.17.
With this disposal, Felda would see a reduction in its Maybank stake to about 1.6% from 1.9% as at Feb 10, according to the bank’s annual report for the financial year ended Dec 31, 2015. Despite a disposal at a discounted price, Maybank saw its share price close higher by 12 sen at RM8.17, with 8.14 million shares changing hands, giving it a market capitalisation of RM83.3 billion.
Source: http://www.theedgemarkets.com/my/article/maybank-sees-341m-shares-transacted-market

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