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Malaysia's Bumi-Commerce drops after Thai purchase

Sun Jun 22, 2008 9:15pm EDT

KUALA LUMPUR, June 23 (Reuters) - Shares in Malaysia's second-largest lender, Bumiptura-Commerce Holdings BUCM.KL, fell 3.6 percent on Monday after its CIMB unit took a 42 percent stake in Thailand's BankThai BT.BK.

CIMB agreed to buy the stake in BankThai -- the group's second purchase in four months -- for $177 million, or 2.91 times BankThai's book value of 0.73 baht per share at the end of March.

Bumiputra-Commerce shares fell as much as 3.64 percent to 7.95 ringgit per share by 0105 GMT.

(Reporting by Niluksi Koswanage)



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