Maybank to buy 44.6% Shares of Kim Eng

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Malayan Banking (Maybank), Malaysia's largest bank, on Thursday (06/01/11) has agreed to buy 44.6% shares of brokerage firms in Singapore, Kim Eng Holdings for USD 617 million in cash. Maybank is also planning to bid for remaining shares of the company, Kim Eng Value agreed amounted to USD 1.4 billion.

Photo credit: channelnewsasia
Purchase agreement to comply with the laws of Malaysia and Singapore and Maybank makes Nomura as an advisor. Maybank to buy 15.44% of the CEO of Kim Eng, Ronald Anthony Ooi Thean Yat, and 29.19% of Yuanta Securities Asia Financial Services, a stock brokerage firm in Taiwan.
Kim Eng is a leading brokerage house in Singapore, Thailand, Indonesia and the Philippines, and has been operating in the financial centers of New York, London and Hong Kong. The combination of business with Kim Eng will help Maybank develop investment banking business.
According to Alexander Chia, an analyst at Standard & Poor's Equity Research, Maybank current position is left in the industry in terms of regional expansion, with the price paid for control of Kim Eng to appear reasonable. The efforts of both companies mutually supportive, and the agreement enables Maybank to pursue other business rivals Malaysia, CIMB Group, which has started the same strategy about five years ago, said Chia who released the New York Times.
Maybank who has been doing business in Indonesia is not well known by the people of Indonesia. As with the name of Kim Eng, as one foreign securities in Indonesia Stock Exchange with ticker ZP, the name is already very popular by individual traders, brokers, practitioners and communities Indonesian Capital Market.
1 Response to "Maybank to buy 44.6% Shares of Kim Eng"
Firoz Khan said :
1 Oktober 2013 06.14
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