Maybank’s subsidiary had no plan to delist from the Thailand’s stock exchange as a free float of 15% was still held by retail investors.
Maybank IB Holdings (MIBH), a subsidiary of the Malaysian lender Maybank, has formally acquired an 84% stake in Kim Eng Securities (Thailand) (KEST), the top local retail broker.
MIBH had earlier made a tender offer for the 44.25% stake still held by minority shareholders of KEST after acquiring a major stake in the broker's Singapore-based parent Kim Eng Holding.
The company reported it acquired shares totalling 27.99% from Thai holders, resulting in a combined stake of 83.7% of Kim Eng Holding and related groups.
Montree Sornpaisarn, the chief executive of Kim Eng Securities, said the company had no plan to delist from the SET as a free float of 15% was still held by retail investors.
''With total assets of 3.6 trillion baht, Maybank will support our business by adding more value and a greater range of services,'' said Mr Montree.
He said Maybank aimed to be a leading Asean bank by 2015. It plans to lend in Thai baht, and KEST can assist in funding. KEST is likely to start issuing bills of exchange (B/E) and property funds to raise funds.
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