Mitsubishi UFJ cuts stake in Public Bank
Mitsubishi UFJ has cut its stake in Public Bank to 4.986%, down from 5.002%, thereby falling below the 5% threshold that would qualify it as a substantial shareholder. 

KUALA LUMPUR (Nov 23): Japan-based Mitsubishi UFJ Financial Group Inc (MUFG) has trimmed its stake in Public Bank Bhd to 4.986%.

In a filing with Bursa Malaysia today, the country's third largest banking group said MUFG has sold a total of 1.6 million shares and acquired 75,000 shares in the group on Nov 16, for an undisclosed amount.

Following the sales of 1.6 million shares and purchase of 75,000 shares, Public Bank said MUFG should have 192.52 million shares, translating to a 4.986% stake in the company, which fell below the 5% threshold to be considered a substantial shareholder.

"The percentage of MUFG's indirect/deemed interests in PBB (Public Bank) shares of 4.986% is computed based on the total number of PBB shares in issue excluding 20.64 million PBB shares bought back by PBB and retained as treasury shares as at Nov 23, 2015," Public Bank said.

MUFJ emerged as Public Bank's substantial shareholder on Oct 29, with a 5.002% stake, after purchasing 193.15 million shares in the Malaysian entity on Oct 21 this year.

Today, Public Bank shares rose 12 sen or 0.66% to close at RM18.22, for a market capitalisation of RM70.36 billion.