CIMB: Khazanah sold company shares to Credit Suisse buyer

Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD

Research House: ECMLIBRA

Price Call: HOLD

Target Price: 7.00

According to sources, Khazanah Nasional Bhd sold some 67.5m shares of CIMB Group Holdings Bhd (CIMB MK, Hold, TP: RM7.00) at RM7.31 to a buyer from Credit Suisse Securities (M) Sdn Bhd each in an off-market trade. The identity of the end buyer from Credit Suisse is still unknown, but a source said it was likely to be a foreign party. At RM7.31, the off-market trade was valued at RM493.6m. Khazanah is the largest shareholder of CIMB with a shareholding of 28.99% or 2.16bn shares as of 16 Jan 2012. With this transaction, Khazanah's stake would be marginally reduced to 28% or 2.09bn shares. (StarBiz)

Source: ECM Newz Bits 09 March 2012