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Wednesday, 15 June 2011

Abu Dhabi Commercial Jumps to Three-Year High Before Stake Sale - Bloomberg

Abu Dhabi Commercial Bank PJSC (ADCB) rose to the highest in almost three years after the Malaysian government said the bank will sign an agreement to sell its stake in Kuala Lumpur-based lender RHB Capital Bhd (RHBC) on June 17.

The shares rallied 2.9 percent to 3.19 dirhams, the highest intraday level since October 2008, at 1:02 p.m. in Abu Dhabi. The stock has gained 9.6 percent this month.

The United Arab Emirates’ third-largest bank will sell the RHB Capital stake to Aabar Investments PJSC, the Malaysian government advisory said. Abu Dhabi Commericial Bank said on June 12 it received Malaysian central bank approval to hold talks to sell its 25 percent stake to Aabar, an Abu Dhabi government-owned fund.