KUALA LUMPUR: Kenanga Investment Bank Bhd’s asset management arm Kenanga Investors Bhd has completed the acquisition of a 100 per cent stake in Libra Invest Bhd, in accordance with the conditional share purchase agreement dated March 28 this year.
Libra Invest was a fund management arm of ECM Libra Financial Group Bhd.
“Effective today, Libra Invest shall operate as a wholly-owned subsidiary of KIB,” Kenanga IB said in a statement.
The company said this was a significant step forward in terms of growing our asset management business in Malaysia.
The completion would propel the asset under management of KIB as a group over the RM10 billion mark, enhancing its position as one of Malaysia’s leading unit trust and asset management companies, Kenanga IB group managing director Datuk Chay Wai Leong said in the statement.
“This milestone places us in a unique position which brings together KIB’s competitive edge in equity products and Libra Invest’s fixed income strength, to deliver tangible results for our investors,” said Ismitz Matthew De Alwis, KIB executive director and chief executive officer.
“There will be no immediate changes to our day-to-day operations as we work towards seamlessly integrating both the entities. We target to complete harmonisation of systems, processes, and all critical facets of both entities, by the end of third quarter this year. Our priority is to ensure a smooth transition for all our internal and external stakeholders,” he added