PETALING JAYA: PM Securities Sdn Bhd’s failed bid to convert its universal broker (UB) status to a standalone investment bank (IB) was due to the firm’s failure to comply with the pre-requisite conditions outlined under the stockbroking consolidation plan introduced almost four years ago.
“They had been asking for extensions in the past, but the time had lapsed and the window is closed,’’ an industry source said.
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