Maybank to acquire stake in Singapore stock broker - source

[KennyMGM]

Maybank to acquire stake in Singapore stock broker-source
Reuters

On Thursday 6 January 2011, 8:53 SGT

KUALA LUMPUR, Jan 6 (Reuters) - Malaysia's Maybank is to acquire a stake in Singaporean stock broker Kim Eng from a Taiwanese investor, a source with direct knowledge of the deal told Reuters on Thursday.

Taiwan's Yuanta Financial Holdings owns about 28 percent of Kim Eng.

Shares in Maybank and Kim Eng were suspended from trade on Thursday.

A Maybank official said the company would hold a press conference later in the day but declined to elaborate. (Reporting by Fong Min Hun, Writing by Niluksi Koswanage; editing by Liau Y-Sing)

 

[syed putra]

They have to do this in order to catch up with CIMB, which have banks and stock brokerages in malaysia, singapore, indonesia and Thailand.(Almost similar to UOB).
But need to know price they will pay. Mabank is famous for overpaying assets especially those with singky connection.

 

[hahaho]

They have to do this in order to catch up with CIMB, which have banks and stock brokerages in malaysia, singapore, indonesia and Thailand.(Almost similar to UOB).
But need to know price they will pay. Mabank is famous for overpaying assets especially those with singky connection.

3-Maybank buying Kim Eng for $1.4 bln to plug gap in broking

* To make conditional offer at S$3.10/share; deal at 15% premium

* Kim Eng purchase to add 5 pct to Maybank's earnings - analyst

* Purchase to plug hole in bank's Asean ambition - CEO