Friday 29 Mar 2024
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KUALA LUMPUR (May 23): Kenanga Investment Bank Bhd (Kenanga IB) wants to expand its remisier base through the proposed acquisition of Inter-Pacific Securities Sdn Bhd (Interpac Securities), said its managing director Datuk Chay Wai Leong.

“We want to expand our remisier base. We want to be a strong No. 1," Chay told reporters after Kenanga IB’s annual general meeting (AGM) today.

“With the proposed acquisition, we’ll be far ahead,” he said.

Kenanga IB is currently the largest retail stockbroker in the country, with a remisier base of about 1,000 through 32 branches nationwide.
 
While the proposed acquisition of Interpac Securities will come with its five branches across Kuala Lumpur, Penang and Johor Baru, the focus is on the remisier base as Interpac Securities has more than 200 remisiers, Chay added.

On Monday (May 21), Kenanga IB announced it had obtained approval from Bank Negara Malaysia to start talks with Interpac Securities, which is part of Berjaya Corp Bhd, to buy its stockbroking business.

At 3.08pm, Kenanga IB shares were down 2.5 sen or 4.07% at 59 sen, with 129,300 shares done, bringing a market capitalisation of RM422.23 million.

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