Malaysia's DRB-Hicom to issue 549m new shares

Newswire

KUALA LUMPUR, April 24 (Reuters) - Malaysian autos-to-property group DRB-Hicom will issue 548.7 million new shares to pay for its agreed purchase of a 70 percent stake in Bank Muamalat Malaysia, DRB-Hicom said on Thursday. DRB-Hicom said in October that it was buying the stake from Bukhary Capital. At Thursday's closing share price, the offer is worth 724 million ringgit ($230.3 million). Bank Muamalat began operations about eight years ago, the second fully-fledged Islamic bank in ...

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