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KUALA LUMPUR: RHB Bank Bhd's unit has received the Vietnam's regulator to acquire the remaining 51% stake in Vietnam Securities Corporation (VSEC) for 121.63mil Vietnam dong (RM21.72mil) cash.
The banking group said on Monday VSC had on Oct 18 received a letter from the State Securities Commission of Vietnam for RHB Investment Bank to acquire the stake.
RHB Bank said the approval by the regulator was subject to the proposed acquisition must be completed within 90 days from the date of approval, failing which the approval shall lapse.
“VSEC shall make the necessary reporting and announcement in relation to the transaction in accordance with the relevant laws in Vietnam,” it said.
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