September 19, 2017 / 10:53 AM / 10 months ago

MUFG to sell remaining CIMB stake in up to $620 mln deal-IFR

HONG KONG, Sept 19 (Reuters) - Mitsubishi UFJ Financial Group Inc (MUFG) launched the sale of up to $620 million of shares in CIMB Group Holdings Bhd, selling its remaining stake in Malaysia’s No.2 lender by assets, IFR reported on Tuesday, citing a term sheet for the transaction.

MUFG is offering 412.5 million shares in CIMB owned by The Bank of Tokyo-Mitsubishi UFJ Ltd in a range of 6.15-6.30 ringgit each, added IFR, a Thomson Reuters publication. The price is equivalent to a discount of up to 4.8 percent to Tuesday’s close of 6.46 ringgit.

An MUFG spokeswoman in Tokyo said the bank is considering the sale of its CIMB shares, but the number of shares and price have not been determined and declined further comment. CIMB didn’t immediately reply to a Reuters request for comment on the sale.

CIMB, Credit Suisse and Morgan Stanley were hired as bookrunners on the sale, IFR said. (Reporting by Fiona Lau and S. Anuradha of IFR; Additional reporting by Taiga Uranaka in Tokyo and A. Ananthalakshmi in Kuala Lumpur; Writing by Elzio Barreto; Editing by Keith Weir)

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