KUALA LUMPUR: CIMB Group Holdings Bhd’s shares rebounded today after the Bank of Tokyo-Mitsubishi UFJ (BTMU) sold a significant stake in the banking group in an overnight block trade.
At 11.30 am, CIMB’s shares were up seven sen to RM6.38 with 12.6 million shares traded.
Maybank Investment Bank in a research note said the disposal of the 4.6 per cent stake by BTMU, a subsidiary of Mitsubishi UFJ Financial Group, was materialised at a said price of RMR6.20 per share.
It was a four per cent discount to Tuesday’s closing price of RMR6.46, while raising proceeds of about RM2.56 billion.
Maybank Investment in a research note today said prior to the transaction, CIMB’s share price had weakened by about six per cent from Monday’s close of RMR6.69, in response to the transaction.
The investment bank has maintained a “buy” call on CIMB and pegged its target price at RM7.50.