PETALING JAYA: Kenanga Investment Bank Bhd (KIBB), a unit of K&N Kenanga Holdings Bhd (Kenanga Holdings), has inked a Subscription Agreement (SA) and a Joint Venture (JV) Agreement with Rakuten Securities Inc to jointly provide online brokerage services.
In a filing with Bursa Malaysia, Kenanga Holdings said the brokerage services would be rendered through EB Global JV Sdn Bhd, formerly ECML Nominees (Asing) Sdn Bhd, subject to regulatory approvals.
KIBB has an authorised share capital of RM800mil comprising 800 million ordinary shares of RM1 each, of which RM770mil comprises 770 million ordinary shares of RM1 each is issued and fully paid.
KIBB and Rakuten have equal stakes in EB Global, the JV company.
The Kenanga group board includes co-founder and executive chairman Tengku Datuk Paduka Noor Zakiah Tengku Ismail and deputy chairman Datuk Syed Ahmad Alwee Alsree.
Rakuten, an online security brokerage services provider, is a unit of Rakuten Inc. Also collectively referred to as JV parties, Rakuten has a capital of 7,495 million yen comprising 70,799 ordinary shares.
Kenanga Holdings said EB Global was a dormant Malaysian private limited company, and to date, has an authorised share capital of RM100mil comprising 100 million ordinary shares of RM1 each, of which RM2 comprising two ordinary shares of RM1 each have been issued and paid-up.