Vortex confirms it is in talks to buy a stockbroking firm

  • Corporate News
  • Tuesday, 07 Jan 2020

PETALING JAYA: Vortex Consolidated Bhd has confirmed that talks are underway to acquire a stockbroking firm.

It said in a filing with Bursa Malaysia that the company however, has yet to enter into any definitive agreement.

This confirms a StarBiz report on Monday where the group’s major shareholder and executive director Eugene Goh did not deny speculations that it is in talks to buy one of the last standalone stockbroking firms.

“On behalf of the company, the board would like to clarify and confirm that to the best of its knowledge and after making due enquiry with the directors seeking their views on the subject matter of the article, the company is currently in discussions and negotiations to buy a stockbroking firm but has yet to enter into any definitive agreements, ” it said in the filing, adding that it would make the necessary announcement to Bursa once it enters into any definitive agreements.

Goh had told StarBiz that the group plans to grow its financial services division and “stockbroking will be a good fit”.

He also said that they were keen to bring innovative products such as fractional share investing to the Malaysian market.

Among the last remaining standalone stockbroking firms are PM Securities Sdn Bhd and SJ Securities Sdn Bhd.

As of the second quarter for the period ended September 2019, Vortex had RM52.83mil of cash and cash equivalents.

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