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发表于 23-6-2011 10:14 PM
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BCorp not selling Inter-Pac to Kim Eng
KUALA LUMPUR: Berjaya Corp Bhd (BCorp) is not selling its stockbroking arm Inter-Pacific Securities Sdn Bhd (Inter-Pac) to Kim Eng Holdings Ltd, which is now a subsidiary of Malayan Banking Bhd.
An announcement to Bursa Malaysia yesterday stated that both BCorp and Kim Eng could not agree on the terms of the proposed disposal/acquisition of the entire stake in Inter-Pac. Hence, the negotiation between both parties has discontinued.
Meanwhile, an earlier asset disposal/purchase agreement signed between BCorp and Kim Eng relating to the injection of Inter-Pac into a special-purpose vehicle (SPV) was also mutually terminated yesterday.
To recap, BCorp had entered into an agreement with Kim Eng last November to inject Inter-Pac into an SPV for a consideration of RM142 million. Under the proposed deal, BCorp would receive up to RM106.5 million cash and a 30% stake in the SPV, while Kim Eng would own a 70% stake.
The net value of Inter-Pac’s stockbroking asset stood at RM100 million. At the price tag of RM142 million, Inter-Pac was valued at 1.42 times book, which analysts had considered a rather good price.
But the scenario soon took a change with Maybank subsequently taking over Kim Eng earlier this year. Consequently, the terms that were agreed earlier between BCorp and Kim Eng on forming a 30:70 SPV were revised to the proposed sale by BCorp of its entire stake in Inter-Pac to Kim Eng.
Based on the previously agreed valuation, and if BCorp were to sold the entire stake in Inter-Pac, it stands to pocket RM142 million cash. But some quarters reckon that BCorp might have asked for a higher price since it marked the group’s exit from the stockbroking business.
However, industry observers said Kim Eng, or rather Maybank, would not want to pay more premium for an additional stockbroking licence here that it does not need, although Inter-Pac has a remisier-base of about 300, which could give an instant boost to Maybank’s retail-base clientele in the country.
With the deal with Kim Eng off the table, industry players said it might be difficult for BCorp to find another suitor for Inter-Pac as further liberalisation continues in the domestic stockbroking industry.
It is learnt that the Securities Commission is in the midst of issuing two more foreign stockbroking licences. Unlike the earlier licences that have been issued, the two new licences are meant for foreign stockbroking firms who are mainly serving the retail investors, not institutional fund managers.
Such move is said to boost the retail interest in Bursa Malaysia. On the flip side, some industry players noted that such licences would deter foreign brokers from buying into local brokerage firms.
http://www.theedgemalaysia.com/i ... pac-to-kim-eng.html |
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