RHB BANK, AMBANK SEEK SHARE TRADING SUSPENSION

KUALA LUMPUR: Is the merger between RHB Bank Bhd and AMMB Holdings Bhd (AmBank) finally happening?

The two banks requested a suspension of trading in their shares today pending an announcement regarding a proposed merger.

In a filing with Bursa Malaysia yesterday, AmBank said this was related to an announcement made on June 1.

AmBank had received approval from Bank Negara Malaysia to commence negotiations with RHB Bank for a possible merger. The approval is valid until November 30.

In a separate statement, RHB Bank said all its structured warrants would also be suspended at the same time.

The two banks have until August 31 to discuss the merger deal on an exclusive basis.

RHB Bank’s share price ended seven sen lower to RM4.88 yesterday, while AMMB was unchanged at RM4.70.