KUALA LUMPUR, April 29 (Reuters) - Public Bank Berhad , Malaysia’s third-largest lender by assets, said on Tuesday it is planning a rights issue to raise up to 5 billion ringgit ($1.53 billion) for working capital.
The company did not give further details. It said it hoped to complete the issue by the third quarter of this year, pending approval from its shareholders and the relevant authorities.
The rights issue will also increase the bank’s capital buffers to meet regulatory requirements, it said in an announcement to the stock exchange. ($1 = 3.2650 Malaysian Ringgits) (Reporting By Al-Zaquan Amer Hamzah; Editing by Miral Fahmy)