Taiwan's China Development Financial unit buys Singapore broker AmFraser
TAIPEI Aug 25 (Reuters) - Taiwan's China Development Financial Holding Corp said on Monday its brokerage unit is buying Singapore's AmFraser Securities Pte Ltd, a move that the Taiwan financial group said will broaden its overseas business.
The cash purchase, which would make AmFraser Securities a wholly-owned unit of KGI Asia (Holdings) Pte Ltd, will be for an estimated SGD38 million (Singapore dollars), ($30.38 million), a statement from China Development Financial Holding said.
KGI Asia is part of Taiwan's KGI Securities Co Ltd, a unit of China Development Financial.
AmFraser Securities is part of the AmInvestment Bank Group, a Malaysian investment banking group. The Singapore-based brokerage engages in stockbroking, online and mobile trading, margin financing facility, equity research and corporate finance and advisory services.
The KGI deal comes after the group purchased Singapore futures brokerage Ong First Tradition Pte Securities Co Ltd earlier this year, which was subsequently renamed KGI Ong Capital Pte Ltd.
(1 US dollar = 1.2507 Singapore dollar) (Reporting By J.R. Wu, editing by David Evans)