kim eng It entered into conditional sale and purchase agreements with Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Ltd for the acquisition of 15.4 per cent and 29.2 per cent stakes respectively in Kim EngKim Eng is a leading stock broker in ASEAN with a top five position in Singapore, Thailand, Indonesia and the Philippines.It also has a presence in global financial centres, including Hong Kong, London and New York.
As of Sept 30, 2010, Kim Eng's total assets and shareholders' equity amounted to S$2.697 billion and S$938 million, respectivelyUpon completion of the acquisition, Maybank will be required to make a mandatory general offer for the remaining 55.4 per cent shares in Kim Eng, with an intention to privatise the company.The total consideration for the acquisition of 100 per cent of Kim Eng would amount to S$1.79 billion (RM4.26 billion).The proposed transaction represents an acceleration of Maybank's investment banking and equities platform in ASEAN, addressing an important gap in Maybank's footprint, said Maybank Chairman Tan Sri Megat Zaharuddin Megat Mohd Nor in a statement today.
Kim Eng gives us the immediate platform to aggressively build up our global wholesale banking capabilities in Asean and beyond., Kim Eng, gives us an entry into Thailand,'he said. Bernama Kim Eng is a perfect complement to our existing strengths in investment banking and the equities market. It gives us the immediate platform to aggressively build up our global wholesale banking capabilities in Asean and beyond.Our combined synergies signal interesting times for us in the region this new year and long term. Immediately, Kim Eng gives us entry into Thailand. We are excited over the tremendous opportunity we will have to grow our business there. We welcome the Kim Eng leadership team and employees into the Maybank Group,' he said.Maybank president and CEO Datuk Seri Abdul Wahid Omar said this transaction represented an important milestone in the expansion of Maybank's investment banking franchise, and addresses an important gap in its Asean footprint.
