Nazir Razak trades in RM32 million CIMB shares

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KUALA LUMPUR: Nazir Razak, the chairman of CIMB Group Holdings Bhd, has dealt in five million CIMB shares at RM6.3455 each.

The transaction was valued at RM31.73 million. Nazir is the brother of Prime Minister Najib Razak.

The Edgemarkets reported that CIMB today told Bursa Malaysia that Nazir had informed CIMB yesterday about the transaction outside the group’s closed period.

The closed period is the time between the completion of a listed company’s financial results and the announcing of these results to the public.

CIMB said the five million shares constituted a 0.05% stake in CIMB.

“CIMB wishes to notify Bursa Securities that the company had on 26 July 2017 received notification from Dato’ Sri Nazir Razak in relation to dealings of shares in the company,” CIMB told Bursa Malaysia today.

A statement released later by the bank’s group corporate communications, group CEO’s office, clarified that the “dealings” referred to a share transfer from Nazir to a company owned by him.

As such, it said there is no change in the ultimate beneficiary of those shares.

Edgemarkets reported that at 12:30pm, CIMB shares rose 17 sen or 3% to settle at RM6.57, for a market value of RM59.38 billion.

CIMB, which was Bursa Malaysia’s eighth most active stock, was also the seventh-largest gainer, it added.