Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 31): Kenanga Investment Bank Bhd (Kenanga IB) has scrapped plans to acquire Inter-Pacific Securities Sdn Bhd (Interpac).

“We wish to announce that both parties have mutually agreed to terminate the proposed acquisition,” Kenanga IB said in a brief filing with the stock exchange today. It did not provide a reason.  

Kenanga IB had announced its intention to acquire Interpac, which is part of Berjaya Corp Bhd, in May this year after receiving approval from Bank Negara Malaysia to engage in discussions, which were to be completed within six months from May 16, according to a central bank stipulation.

The country’s largest retail stockbroker, Kenanga IB has a remisier base of about 1,000 remisiers throughout its 32 branches nationwide, and had planned to expand its remisier base via an acquisition of Inter-Pacific Securities. Interpac has 200 plus remisiers, and five branches in major cities in Peninsular Malaysia.

Kenanga finished 1 sen or 1.59% lower at 62 sen today, for a market capitalisation of RM434.16 million.

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