Affin buys HwangDBS IB in RM1.4bil cash deal

KUALA LUMPUR: Affin Holdings Bhd has sealed an all-cash deal to buy HwangDBS (M) Bhd’s core businesses for RM1.36bil, taking possibly the last family-owned investment bank (IB) in Malaysia off the market.

Shareholders of HwangDBS can expect to reap a windfall of RM637.9mil from the sale, with distribution earmarked within three months after the acquisition closes. This could mean a dividend of RM2.50 per share, based on HwangDBS’ share capital of 255.16 million shares.