KUALA LUMPUR (Dow Jones)--Malaysia's fourth-largest lender by assets RHB Capital Bhd (1066.KU) said Monday it will buy 80% of Indonesia's PT Bank Mestika for MYR1.16 billion.
RHB Capital said it will fund the proposed acquisition via a renounceable rights issue of 361.1 million shares at MYR3.60 per share.
The banking group's managing director Tajudddin Atan expects Bank Mestika to contribute positively to group's earnings.
"Over time, we aim to extend Bank Mestika's presence significantly throughout Indonesia, he said without elaborating.
Bank Mestika is exploring an initial public offering on the Indonesian stock exchange over the coming months.
-By Elffie Chew, Dow Jones Newswires; (603) 2026 1233;elffie.chew@dowjones.com
Dow Jones Newswires
October 18, 2009 22:42 ET (02:42 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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