Malaysia's Rashid Down after Fund Bid Triumphs

Shares of Malaysia's fourth-largest lender, RHB Capital, and its parent Rashid Hussain fell on Friday after a state pension fund snatched control of Rashid at a price below a rival offer.

Shares of Rashid were down 8.4% at 1.74 ringgit in the Asian morning session, while
shares of RHB Capital were down 4.2% at 4.56 ringgit.

Malaysia's state pension fund snatched control of RHB's parent firm on Thursday, buying another third of the company to elbow out rival bidder EON Capital's higher offer for the entire group, comprising parent Rashid Hussain and banking unit RHB Capital.