Reuters: Financial Services and Real Estate: Malaysia OKs K&N Kenanga's acquisition of ECM Libra's units

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Malaysia OKs K&N Kenanga's acquisition of ECM Libra's units Jun 8th 2012, 01:43 KUALA LUMPUR, June 8 | Thu Jun 7, 2012 9:43pm EDT KUALA LUMPUR, June 8 (Reuters) - Malaysia's government has given the green light for financial services group K&N Kenanga Holdings to acquire rival ECM Libra Financial Group's investment banking and stock broking businesses, both companies said late on Thursday. The move comes roughly eight months after the central bank allowed both firms to commence merger talks and signals that consolidation in the financial services sector is heating up in this Southeast Asian country. Separately, the Edge Financial Daily cited sources as saying on Friday that K&N Kenanga could acquire ECM Libra's business units in a 890 million ringgit ($281.60 million) deal. "Kenanga is expected to pay at least 500 million ringgit cash, issue about 120 million K&N Kenanga shares and 90 million ringgit worth of loan stocks," the daily reported. The deal follows the recent tie-up between RHB Capital and OSK Holdings' investment bank, which saw the merged entity become the biggest brokerage service provider by market share in Malaysia. [ID: nL4E8E235J] The Edge said buying ECM Libra's investment and stock broking business would make K&N Kenanga one of the three largest stock broking companies in Malaysia with a market share of almost 10 percent. (Reporting by Anuradha Raghu; Editing by Niluksi Koswanage) Link this Share this Digg this Email Reprints

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