Maybank buys broker Kim Eng for $1.4 billion

Maybank inks a deal with Ronald Ooi and Yuanta to buy Singapore-based broker Kim Eng for $1.4 billion as it seeks to consolidate its position in brokerage in the Asean countries.

Malayan Banking has struck a deal to buy 44.6% of the equity of Kim Eng Holdings, a stock broker with a leading position in Singapore, Thailand, Indonesia and the Philippines, at a price which represents an equity value of S$1.79 billion $1.4 billion for 100% of Kim Eng.

Malayan Banking, or Maybank, will pay S$798 million for the 44.6% stake it is acquiring at the first stage, translating to a per share price of S$3.10. It is acquiring the...

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