Abu Dhabi Commercial Bank (ADCB) will record a net profit of Dh1 billion ($272.3 million) from the sale of its 25 per cent stake in Malaysian lender RHB Capital, the lender said on Sunday.
ADCB signed an agreement to sell its per cent stake in RHB Capital to Aabar Investments, an Abu Dhabi investment fund, for 10.80 ringgit per share, bringing in Dh7 billion ($1.91 billion).
"After considering all related costs... exchange rates, hedging, cost of funding etc... this transaction shall contribute approximately 1 billion dirhams to the bank's overall profit," ADCB said in a bourse statement.
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