CIMB Extends Losses Early Wednesday In Active Trade - CIMB Group Holdings Bhd’s share price fell to a low of RM6.22 early Wednesday – the lowest since July 17 this year on news Mitsubishi UFJ Financial Group (MUFG) was divesting its entire stake.
At 9.32am, CIMB was down 17 sen to RM6.29. It was actively traded with 14.86 million shares done.
The decline in CIMB’s shares weighed on the FBM KLCI, which fell 1.98 points or 0.11% to 1,774.68. Turnover was 298.45 million shares valued at RM201.41mil. There were 192 gainers, 176 losers and 245 counters unchanged.
StarBiz reported MUFG, a long-time shareholder in CIMB, was divesting its interest in the second-largest financial institution in Malaysia.
The Japanese banking group has offered to sell its entire 412.5 million shares in CIMB – held through Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) – at RM6.15 to RM6.30 apiece, according to sources.
The proposed selling price was a discount of 2.5%-5% to CIMB’s closing price of RM6.46 on Tuesday.
News of MUFG’s proposed exit could have been the main trigger for CIMB’s shares falling 23 sen yesterday, wiping out RM2.08bil in the counter’s market capitalisation.
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