KUALA LUMPUR: Kenanga Investment Bank Bhd (Kenanga IB) has obtained approval from Bank Negara Malaysia to commence negotiations to acquire the stockbroking business-related assets, liabilities and contractual arrangements of Inter-Pacific Securities Sdn Bhd.
In a statement today, Kenanga IB group managing director Datuk Chay Wai Leong said the potential acquisition will further strengthen the Group’s leading position in the retail broking space to become the top two largest stock broker in Malaysia, with a combined market share of over 10 per cent and retail market share of about 25 per cent.
“Inter-Pacific Securities is a reputable and well-established independent stockbroking company, with a robust track record and strong retail focus.
“We are looking forward to a smooth and fruitful negotiation process, and aim to conclude within the next six months,” he said.
Kenanga Investment Bank is one of the country’s leading investment banking, stockbroking and asset management companies, offering a wide range of financial services to a growing client base.
Founded in 1973, Kenanga Investment Bank today operates through 32 branches nationwide and boasts the largest remisier network in the country.
Inter-Pacific Securities is an indirect subsidiary of Berjaya Capital Bhd, which in turn, is part of the conglomerate, Berjaya Corporation Bhd.
Established in 1972, Inter-Pacific Securities has five branches across Kuala Lumpur, Penang and Johor Bahru and a paid up capital of RM250 million.