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KUALA LUMPUR (Dec 9): G Capital Bhd shares plunged this afternoon after Public Bank Bhd clarified that it was not involved in the former’s joint venture to establish a new full-blown commercial bank in Cambodia.
The accountant closed 40 sen or 29.7% lower at 94 sen with 62.24 million shares traded. Its market capitalization stood at RM285.17 million.
The drop in the share price came after Public Bank issued the clarification at around 3pm.
The bank said that one of the parties involved in the company, Datuk Phan Ying Tong, was acting in his own capacity as he had resigned from all his positions at the bank.
Yesterday, G Capital announced that it signed a heads agreement with Phan and Cambodian company ES Packaging Co Ltd to jointly undertake the venture to establish the new bank named Oriental Bank Plc.
Public Bank had previously reported on its website that Phan had 39 years of service with the banking group. He had served, among others, as Managing Director and, later, Country Head of the Cambodian Public Bank. His last position in the group was that of regional chief of operations in Indochina.
Read also:
G Capital and its partners establish a new bank in Cambodia
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