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KUALA LUMPUR: RHB Investment Bank (RHB IB) is buying the remaining 51% stake in Vietnam Securities Corp for RM21.28mil cash.
RHB Bank said RHB IB had on Friday signed a conditional share purchase agreement with Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker Joint Stock Company to buy the stake.
“The proposed acquisition is subject to the approvals of Bank Negara Malaysia and State Securities Commission of Vietnam,” it said.
RHB Bank will submit an application to Bank Negara for the approval of the proposed acquisition and Vietnam SSC for the approval of the proposed acquisition and the conversion of VSEC from a joint stock company into a single-member limited liability company.
It expects the proposed purchase to be completed by the second quarter of 2018.
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