Home > Business > Business News
Thursday September 5, 2013 MYT 5:13:00 PM
Thursday September 5, 2013 MYT 5:15:10 PM
KUALA LUMPUR: RAM Rating Services Bhd is monitoring Affin Holdings Bhd's proposed take-over of HwangDBS Investment Bank Bhd (HwangDBS Bank, rated A2/Stable/P1).
"While the salient terms of the proposed take-over have yet to be revealed, we understand that the exercise is targeted for completion by the first quarter of next year," it said on Thursday.
The ratings agency said it would continue monitoring the pertinent developments, and will make further rating announcements as and when sufficient details are available.
On Wednesday, Hwang-DBS (Malaysia) Bhd inked an exclusive agreement with Affin on the proposed disposal of the former's 100% stake in HwangDBS Bank and HDM Futures Sdn Bhd, a 53%-interest in Hwang Investment Management Bhd, and a 49%-interest in Asian Islamic Investment Management Sdn Bhd to Affin.
Both parties will be making their respective applications to Bank Negara Malaysia.
HwangDBS Bank is a full-fledged investment bank with an established retail presence in the local stock-broking industry and it had RM3.9bil of assets as at end-April 2013.
Lembaga Tabung Angkatan Tentera is the largest shareholder in Affin which has an asset base of RM56bil as at end-March 2013.
The key subsidiaries within Affin include Affin Bank Bhd (rated A1/Stable/P1 by RAM), Affin Investment Bank Bhd and Affin Capital Sdn Bhd.
Tags / Keywords:
Business News, Investing
China Sept HSBC PMI steady but risks remain
China OKs iPhone 6 sale after Apple addresses security concerns
Alibaba leads global equity capital markets treasure hunt
BlackBerry teases new device plans as turnaround takes shape
Launching marketplace, eBay aims to drive consolidation in Russia
US court ruling on Argentine debt violates int'l law: Buenos Aires
Dreams and dangers of Myanmar’s beauty pageants
Totti becomes oldest scorer in European club history
Jewish settlers occupy Palestinian homes in Old City's shadow
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)