Kenanga gets shareholders’ nod to acquire ECM Libra Investment Bank
KUALA LUMPUR, July 31 – The shareholders of K & N Kenanga Holdings Bhd (Kenanga Holdings) have approved the acquisition of ECM Libra Investment Bank Bhd (ECM IB) through its wholly owned subsidiary, Kenanga Investment Bank Bhd (Kenanga IB).
With the acquisition, Kenanga IB is set to become Malaysia’s largest independent investment bank and among the country’s top three brokerage houses with the largest remisier network.
“It reflects confidence in our management’s ability to transform Kenanga IB into Malaysia’s number one independent investment bank,” said Kenanga Holdings Chairman, Datuk Paduka Noor Zakiah Tengku Ismail, in a statement today.
Kenanga Holdings and Kenanga IB had on June 15, 2012 entered into a conditional share purchase agreement with ECM Libra Financial Group for the acquisition of the entire issued and paid-up share capital of ECM IB for RM875.1 million subject to final adjustments on completion.
Meanwhile, Kenanga Holdings Group Managing Director, Chay Wai Leong said that today’s shareholders approval is a major milestone towards completing the acquisition, expected to be within the fourth quarter of this year. – Bernama