SBI Japannext buys strategic stake in N2N Connect

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

KUALA LUMPUR: Japanese online broker SBI Japannext Co Ltd has acquired a strategic investment stake in N2N Connect Bhd from its founder and managing director Andrew Tiang Boon Hwa in a RM91.4mil deal.

Filings with Bursa Malaysia showed Andrew Tiang sold 65.276 million shares in the company for RM1.40 each in a direct business transaction.