Is there no end to the corporate wranglings of Malaysia Inc Recent events at Rashid Hussain Berhad RHB suggest not.
In a hastily-arranged press conference, RHBs executive chairman, Tan Sri Rashid Hussain, yesterday said he was perplexed by one of his major shareholders decision to oppose his restructuring plan.
The major shareholder, Malaysian Resources Corporation Berhad MRCB, has objected to a M$630 million $165.79 million equity issue. The equity was to be raised to pay for the restructuring of RHBs banking and investment banking assets which are to be separated into two holding companies. This is to comply with Malaysias new Glass-Steagall regulations. Plus, in order to...
