CIMB emerges top gainer after mega deal called off

Official announcement expected to be made before the end of the week.

KUALA LUMPUR: CIMB Holdings Bhd emerged the top gainer on Bursa Malaysia mid-morning following news reports that the bank was calling off its mega-bank merger with RHB Capital and Malaysia Building Society Bhd (MBSB).

At 12.04pm, the counter rose 61 sen or 11.78% to RM5.79 with 13.25 million shares changing hands. The stock opened three sen higher at RM5.21.

The report said the proposed merger between the three entities were called off with an official announcement expected to be made before the end of the week.

“The respective boards are supposed to meet on Wednesday, (tomorrow) when it will be formally expressed that the deal is off,” a source close to the negotiations was quoted as saying in the report.

– BERNAMA