CIMB Group pares stake in CGS-CIMB Securities

Malaysia's CIMB Group Holdings Bhd. unit CIMB Group Sdn. Bhd. closed the sale of its 24.99% and 25% stakes in CGS-CIMB Securities International Pte. Ltd. and CGS-CIMB Holdings Sdn. Bhd., respectively, to China Galaxy Securities Co. Ltd.'s China Galaxy International Financial Holdings Ltd.

The deal closing came after the company received the relevant regulatory approvals.

CGS-CIMB Securities International and CGS-CIMB Holdings are the holding companies of CIMB Group's stockbroking joint venture with China Galaxy Securities, known as CGS-CIMB Securities. Following the deal closing, CIMB Group's stake in CGS-CIMB Securities and CGS-CIMB Holdings will drop to 25.01% and 25%, respectively, from 50% each. As a result, China Galaxy Securities' stake in the two companies will increase to 74.99% and 75%, respectively.