KUALA LUMPUR (Feb 9): RHB Bank Bhd is acquiring the remaining 51% stake in Vietnam Securities Corp (VSEC) for VND121.63 billion (RM21.29 million) cash.
The banking group currently has a 49% stake in VSEC, which it acquired in November 2008.
In a filing with Bursa Malaysia today, RHB Bank said its wholly-owned subsidiary RHB Investment Bank Bhd has entered into a conditional share purchase agreement (CSPA) with Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker JSC for the proposed stake acquisition.
"The proposed acquisition is subject to the approvals of Bank Negara Malaysia and the State Securities Commission of Vietnam (Vietnam SSC).
"With the signing of the CSPA, RHB Bank will submit an application to BNM and Vietnam SSC for the approvals of the proposed acquisition and the conversion of the status of VSEC from a joint stock company into a single-member limited liability company.
The proposed acquisition is expected to be completed by the second quarter of 2018.
VSEC was established in November 2006 in Hanoi and commenced trading activities in March 2007.
RHB Bank shares closed four sen or 0.77% lower at RM5.17 today, bringing it a market capitalisation of RM20.73 billion.