Bloomberg News

Abu Dhabi Commercial Rises to Highest Since 2008 on Stake Sale

June 19, 2011

June 19 (Bloomberg) -- Abu Dhabi Commercial Bank PJSC rose to the highest level since October 2008 as the United Arab Emirates’ third-biggest bank by assets said it will earn about 1 billion dirhams ($272 million) from the sale of its stake in RHB Capital Bhd.

The shares increased for a third day, advancing 2.2 percent to 3.3 dirhams at 11:14 a.m. in Abu Dhabi.

Abu Dhabi Commercial Bank on June 17 signed an agreement to sell its 24.9 percent stake in Malaysian lender RHB Capital to Abu Dhabi’s state-owned Aabar Investments PJSC for 10.80 ringgit a share, or a total of about 5.9 billion ringgit ($1.9 billion).

The deal will be settled in cash one month from the date of signature, the bank said.

--Editors: Claudia Maedler, Gavin Serkin

To contact the reporter on this story: Zahraa Alkhalisi in Dubai at zalkhalisi@bloomberg.net

To contact the editor responsible for this story:


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