Business News

Monday, 20 March 2017 | MYT 1:23 PM

Olympia in talks to dispose Jupiter Securities

KUALA LUMPUR: Olympia Industries Bhd is in talks with interested parties to dispose its equity interest in Jupiter Securities Sdn Bhd.

“The board of directors of Olympia wishes to state that the company has plans to dispose its equity interest in Jupiter Securities and has been in discussions with interested parties,” Olympia said in a filing with Bursa Malaysia.

“Olympia will make the necessary announcement upon finalisation of the terms of the proposed disposal,” it added,

Last week, StarBiz reported that CIMB Group was looking at acquiring Jupiter Securities from Olympia Industries Bhd for more than RM50mil as part of a larger corporate exercise to facilitate its joint venture (JV) with China Galaxy.

Sources said that CIMB was looking at acquiring Jupiter Securities mainly to get an additional licence for its stock broking business that would eventually merge with China Galaxy Securities as part of a wider exercise to expand its reach and reduce cost.

In a separate filing with Bursa Malaysia, CIMB Group said it had in October 2016 entered into a strategic partnership with China Galaxy International Financial Holdings Ltd, a wholly-owned subsidiary of China Galaxy Securities Co Ltd, in the cash equities business comprising institutional and retail brokerage, equities research and associated securities businesses.

“As part of the Proposed Partnership which is envisaged to involve multiple countries, CIMB has been undertaking preliminary assessment on its options and this entails engaging in exploratory discussions with its stakeholders and various parties.

“We will make further announcement of any material development on this matter,” CIMB said.

Tags / Keywords: Corporate News , Jupiter , CIMB , Olympia Industries

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