ASEAN KEY DESTINATIONS
Interpac Sec, Kim Eng form alliance
In a joint statement on Monday, both companies said the strategic alliance would see the proposed transfer of the entire stockbroking and its related businesses in Malaysia, presently carried out by Interpac Sec, to a newly-incorporated special-purpose vehicle (SPV).
"The new business is valued at RM142 million, comprising total net assets of RM100 million and business goodwill of RM42 million," the statement said.
It said Kim Eng would hold 70 percent stake in the SPV, while Interpac Sec, a subsidiary of Berjaya Corp Bhd (BCorp), up to 30 percent stake, of which five per- cent may be held by key employees of SPV, and was subjected to regulatory approval.
BCorp chairman, Tan Sri Vincent Tan Chee Yioun, said Interpac Sec's expertise and history in Malaysia, coupled with Kim Eng's experience as a leading stockbroker in Asia, would make the securities landscape in Malaysia more vibrant.
Kim Eng chairman/chief executive officer, Ronald Ooi Thean Yat, said Malaysia has always been an important relevant market for the company and its 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," he said.
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