KUALA LUMPUR: RHB Bank Bhd has subscribed for an additional 51 million new Boost Bank shares for RM51mil cash to maintain its 40% stake in the digital bank.
In a filing with Bursa Malaysia, RHB said the additional subscription would be funded through RHB Bank’s internally generated funds.
The additional shares were acquired from May 17, 2024 to March 27, 2025.
“The purpose of the additional subscription is to fund Boost Bank’s growth and operations and to continue meeting the minimum capital funds as required by Bank Negara Malaysia,” RHB said.
As at March 21, the Employees Provident Fund Board (EPF), a major shareholder of RHB Bank with 37.87% equity interest also holds an 18.17% equity interest in Axiata Group Bhd. Boost Bank is an indirect subsidiary of Axiata.
The highest percentage ratio for the additional subscription under Bursa Malaysia’s listing rules is 0.16%, based on RHB Bank’s audited net assets as of Dec 31, 2024. This is below the 0.25% threshold for a mandatory announcement.
