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.
This reduced his stake in the company to 22.68%.
Shares in N2N Connect were last traded at 89.5 sen on Wednesday.
The company, in a statement on Wednesday, said the entry of SBI Japannext as a strategic partner will open up opportunities for collaboration in developing alternative trading systems (ATS) for the Asian region.
"The collaboration between Japannext and N2N will open up new opportunities for both entities through the promotion of more trading activities in the region, while encouraging greater uptake of cross border trading," it said.
It added that N2N’s Asia Trading Hub, spanning across countries such as Malaysia, Hong Kong, Macau, Vietnam, Indonesia, Philippines, Singapore and Thailand provides Japannext an ideal platform to boost regional interest in Japan equities and bonds through their proprietary trading system (PTS).
At the same time, N2N’s existing customers, comprising of brokers across the region, will have the opportunity to tap into the liquidity pool in Japan by promoting Asian markets to Japanese investors.
"Both Japannext and N2N will be working with local regulators of each jurisdiction, on the potential of setting up ATS, which in turn, will benefit the regional capital markets landscape in Asia," it said.
