KUALA LUMPUR (July 27): Industrial waste recycling services provider Analabs Resources Bhd has acquired shares in lender RHB Bank Bhd for RM16.61 million, exceeding 5% of Analabs’ audited consolidated net assets as at end-April 2022. It did not disclose the number of shares acquired.

In a bourse filing on Thursday (July 27), Analabs said the acquisition was carried out with the intention of deriving dividend income and for potential capital gains.

It added that the shares were acquired in the open market at prevailing prices. RHB Bank shares were trading at between RM5.65 and RM5.70 on Thursday. The stock closed up one sen or 0.18% at RM5.68, giving the banking group a market capitalisation of RM24.35 billion.

"The acquisition was funded by the group’s share margin account."

Analabs said the acquisition has no material effect on the group's earnings per share and net assets per share for the financial year ended April 30, 2023.

Analabs shares also closed one sen or 0.71% higher at RM1.42 on Thursday, valuing the group at RM170.47 million.