Saturday, November 27, 2010

Interpac Securities to be injected into SPV with Kim Eng

KUALA LUMPUR: BERJAYA CORPORATION BHD [] subsidiary Inter-Pacific Securities Sdn Bhd and Kim Eng Holdings Ltd are teaming up in a move to reaffirm the global investor interest in the Malaysian capital markets.

Under the proposal announced late Friday, Nov 26, Interpac Securities Group's entire stockbroking and related businesses in Malaysia would be incorporated into a special purpose company (SPV) valuing the business at RM142 million. This comprises of total net assets of RM100 million and business goodwill of RM42 million.

'Kim Eng will hold 70% stake in the SPV whilst Interpac Securities will hold up to 30% stake in the SPV of which 5% stake may be held by key employees of SPV subject to regulatory approval,' they said in a joint statement.

Berjaya Corp chairman and chief executive Tan Sri Vincent Tan said: 'Interpac Securities' expertise and history in Malaysia, coupled with Kim Eng's experience as a leading stockbroker in Asia, will make the securities landscape in Malaysia more vibrant.'

Kim Eng Holdings chairman and CEO Ronald Ooi said the move reflected the colmpany's commitment towards strategic investments in the region as it seeks to be a leading regional player.

'Malaysia has always been an important and relevant market for us and our clients. Today's announcement underlines our commitment to our core strategy of geographical diversification and the integration of our footprint into a synergistic global franchise,' Ooi said.




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