OSK Holdings Berhad and RHB Capital Berhad have announced the signing of a conditional share purchase agreement to merge their investment banking operations, creating the largest investment bank by assets in Malaysia, an official press release said.
OSK Holdings Berhad will sell it’s 100 per cent share in OSK Investment Bank Berhad in exchange for 245.0 million RHB Capital Berhad shares, representing a 10 per cent stake, and US$46.1 million, according to an OSK statement.
OSK Group Cambodia is looking forward to the merger, said Lim Loong Seng, the Country Head for the OSK Group in Cambodia.
“Our OSK Indochina Bank Ltd and OSK Indochina Securities Ltd entities can only become financially stronger, thus further assuring our customers that we are serious about becoming a key player in the banking and financial sectors in Cambodia, as well as in the ASEAN region,” he said.
OSKH will also sell its 100 per cent interest in OSK Investment Bank Limited as well as the remaining 20 per cent interest in OSK Trustees Berhad and 20 per cent interest in Malaysian Trustees Berhad not currently owned by OSKIB, to RHBC for a combined cash consideration of $8.38 million.
To contact the reporter on this story: Abe Becker at email@example.com