Maybank plan to offer RM5-6 billion Rights Issue

From The Edge:

KUALA LUMPUR: Malayan Banking Bhd (Maybank) plans to raise RM5 billion to RM6 billion (US$1.36 billion to US$1.63 billion) in a rights issue in April, the Wall Street Journal reported on Feb 24, citing people familiar with the situation.

If it goes ahead, Maybank’s rights issue would be the second largest in Asia Pacific ex-Japan this year, the WSJ report from Hong Kong said, citing data from Thomson Reuters. The largest cash call in 2009 so far is Australian conglomerate Wesfarmers Ltd’s US$1.9 billion offering in January. Some US$2.99 billion had been raised in 45 rights issue year-to-date, with the year being two month old.

Did someone say our financial sector is holding up just fine? cough....cough.