RHB Bank said it has subscribed for additional 3.4 million new Boost Bank Shares for a cash consideration of RM3.4 million to maintain its 40% equity interest in Boost Bank.
This comes as Boost had also subscribed additional share in the digital bank, the parties said the purpose of the additional march subscription is for Boost Bank to fund its operating and capital expenditure for the first half of 2024 and to continue meeting the minimum capital funds as required by Bank Negara Malaysia.
For information purposes RHB Bank and Boost Holdings hold 40% and 60% respectively of the equity share capital of Boost Bank. Boost Holdings had on 15 March 2024 subscribed for additional 5.1 million for a cash consideration of RM5.1 million to maintain its 60% equity interest.
Upon completion of the additional march subscription, the paid-up capital of Boost Bank is approximately RM215 million comprising approximately 215.0 million Boost Bank Shares.
As at 11 March 2024, the EPF, a major shareholder of RHB Bank with 40.27% equity interest also holds equity interest of 18.07% in Axiata Group Berhad.
