Home › Business › Business News
Thursday, 5 September 2013
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.
Affin inks RM1.4bil merger with Hwang IB
Eye on Stock
Demographia: Malaysia’s residential housing market ‘severely unaffordable’
Deposit growth slows, suggesting strong inflationary pressures
Falling commodity prices present downside risk to Malaysia’s economy
First-time house buyers to gain
Pick-up in CPO prices expected in 2015
All-embracing celebration at MAICCI Deepavali open house
Need to be sure your chocolate's pork free? You want the 'Halal Test' kit
Travelling to Myanmar made easier with online visa application
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)