CIMB Chairman Transfers Five Million Shares; No Beneficiary Ownership Change Seen Under Deal

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--CIMB Group Holdings Bhd. (1023.KU), Malaysia's second-largest lender by assets, said its chairman, Nazir Razak, "dealt in" five million CIMB shares this week, representing a 0.05% stake, at 6.3455 ringgit ($1.48) apiece.

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The transaction involved the shares' transfer from Mr. Nazir to a company owned by him, according to a CIMB official. However, there was no change in beneficiary ownership as a result of the transaction, which was valued at MYR31.73 million, according to a CIMB stock-exchange filing Thursday.

Shares of CIMB climbed 2.7% Thursday afternoon to MYR6.57, bringing year-to-date gains to more than 42%. CIMB was the top driver of the local benchmark stock index, which rose 0.13% Thursday.

Mr. Nazir is the youngest brother of Malaysian Prime Minister Najib Razak.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

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July 27, 2017 05:22 ET (09:22 GMT)