KUALA LUMPUR: Mitsubishi UFJ Securities Holdings Co., Ltd. (MUSH) has agreed to dispose of its 29.16% stake in Kim Eng Holdings Ltd to MALAYAN BANKING BHD [].
MUSH said on Tuesday, June 7 that it had applied for the tender offer made by Maybank's affilitate -- Mayban IB Holdings Sdn Bhd ' for all of the Kim Eng shares which it held.
It said that it was in its interest from the perspective of its strategy and return on investment to sell all the shares.
'As a result of the sale, MUSHD will dissolve the Strategic Alliance Agreement for the brokerage of Asean equity with Kim Eng, and Kim Eng would be excluded from MUSHD's equity method affiliates,' it said.
MUSHD said it would focus on further enhancing and expanding its securities business through collaboration with Bank of Tokyo-Mitsubishi UFJ Ltd while continuing to promote its alliance with Morgan Stanley overseas.
'In Asean related business, we are also considering greater collaboration with the CIMB Group, a financial institution which is already a comprehensive alliance partner of Bank of Tokyo-Mitsubishi UFJ and whose operations include commercial banking, investment banking, securities and asset management business throughout the Asean region,' it said.
MUSH said on Tuesday, June 7 that it had applied for the tender offer made by Maybank's affilitate -- Mayban IB Holdings Sdn Bhd ' for all of the Kim Eng shares which it held.
It said that it was in its interest from the perspective of its strategy and return on investment to sell all the shares.
'As a result of the sale, MUSHD will dissolve the Strategic Alliance Agreement for the brokerage of Asean equity with Kim Eng, and Kim Eng would be excluded from MUSHD's equity method affiliates,' it said.
MUSHD said it would focus on further enhancing and expanding its securities business through collaboration with Bank of Tokyo-Mitsubishi UFJ Ltd while continuing to promote its alliance with Morgan Stanley overseas.
'In Asean related business, we are also considering greater collaboration with the CIMB Group, a financial institution which is already a comprehensive alliance partner of Bank of Tokyo-Mitsubishi UFJ and whose operations include commercial banking, investment banking, securities and asset management business throughout the Asean region,' it said.
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