Kenanga Investment Bank to increase stake in Merchantrade Asia

Kenanga Investment Bank group managing director Datuk Chay Wai Leong.

PETALING JAYA: Kenanga Investment Bank Bhd has received Bank Negara’s approval to acquire an additional 15.2% equity interest in Merchantrade Asia Sdn Bhd, the country’s largest Money Services Business (MSB) operator and leading player in the digital payments space.

Upon completion of this acquisition, the group’s aggregated equity holding in Merchantrade will increase to 19.94% from 4.74%, positioning it as the second-largest shareholder after managing director and founder, Ramasamy K. Veeran, said Kenanga Investment Bank.