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Hwang-DBS Malaysia Bhd announces proposed disposal of Hwangdbs Investment Bank Berhad by Hwang-Dbs To Affin Holdings Berhad, after the proposed pre-closing reorganisation


Tuesday, 21 Jan 2014 07:00pm EST 

Hwang-DBS Malaysia Bhd:Refers to the announcement made earlier.Says it had on Jan. 22, entered into a conditional share sale and purchase agreement with Affin Holdings Berhad in relation to the proposed disposal.Says the proposed disposal will comprise of the proposed pre-closing reorganisation and the proposed HwangIB Disposal.Says HwangIB acquiring is 100 pct equity interest in HDM Futures Sdn Bhd, entities, 53 pct equity interest in Hwang Investment Management Berhad and 49 pct equity interest in Asian Islamic Investment Management Sdn Bhd from Hwang-DBS.Says Hwang-DBS is acquiring 100 pct equity interest in HwangDBS Custodian Services Sdn Bhd and 51 pct equity interest in HwangDBS Vickers Research Sdn Bhd from HwangIB.Says proposed HwangIB Disposal entails the disposal by Hwang-DBS to Affin of its 100 pct equity interest in HwangIB and HwangIB’s subsidiaries and associated company, after the Proposed Pre-Closing Reorganisation.Says the proposed HwangIB Disposal is for a total disposal consideration in cash of 1,300.36 ringgit million (Disposal Consideration or Base Price).Says the proceeds from the proposed disposal are expected to be utilised in cash dividend to shareholders, general working capital requirements, general investment in liquid assets, potential acquisition of new business, repayment of borrowings. 

Company Quote

2.95
-0.02 -0.67%
24 Apr 2015