Malaysia's Public Bank prices rights issue at 13.80 rgt

KUALA LUMPUR, June 9 Mon Jun 9, 2014 8:17am EDT

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KUALA LUMPUR, June 9 (Reuters) - Public Bank Berhad , Malaysia's third-largest lender by assets, said on Monday it would issue rights at a price of 13.80 ringgit per share to raise up to 5 billion ringgit ($1.6 billion) for working capital.

Public Bank will issue 350.2 million rights on the basis of one for every ten shares held in the company at market close on June 23. Shares of Public Bank closed 0.1 percent higher at 20.80 ringgit on Monday.

The rights issue will also increase the bank's capital buffers to meet regulatory requirements, it said in an announcement to the stock exchange in late April.

($1 = 3.1965 Malaysian Ringgit) (Reporting by Al-Zaquan Amer Hamzah; Editing by Mark Potter)