Commerce International Merchant Bankers Bhd (CIMB) announced yesterday that it has been unable to conclude a RM400mil deal to buy Botly Securities Sdn Bhd and several other stockbroking companies from TA Enterprise Bhd (TAE) because of inconsistency between issues brought up by TAE and the terms and conditions spelt out in their memorandum of agreement (MoA).
“We regret to inform that CIMB is unable to conclude negotiations to enable the signing of a sale and purchase agreement in regard to the acquisition,'' CIMB told the Malaysia Securities Exchange in a statement.