MALAYSIA PRESS-Three suitors eyeing Hwang-DBS -The Edge

Tue Feb 12, 2013 8:04pm EST

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Hwang-DBS (Malaysia) Bhd is in the final stages of hiring a foreign investment bank to be its adviser in the disposal of its entire business, sources say.

An executive familiar with the deal says the standalone investment bank - the country's third largest stockbroker - wants to exit the highly competitive investment banking and stockbroking sector.

"The major shareholders are selling the whole company. Even DBS is disposing of its stake," he says. Hwang-DBS declined to comment.

According to the executive, at least three parties - Affin Holdings Bhd, AMMB Holdings Bhd, and K&N Kenanga Holdings Bhd - have expressed interest in acquiring Hwang-DBS.

HwangIB is one of only two standalone investment banks in Malaysia following a slew of mergers and acquisition exercises in recent years. The competitive landscape is one of the factor behind the consolidation of the industry. -The Edge

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NOTE: Reuters has not verified these stories and does not vouch for their accuracy.

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