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Kenanga Investment Bank begins talks to buy stockbroking business

Malaysia-based Kenanga Investment Bank Bhd. has begun negotiations to acquire the stockbroking business of Inter-Pacific Securities Sdn. Bhd.

Kenanga Investment Bank said May 21 that it received approval from the country's central bank to begin negotiations. The company will finance the potential transaction with company shares and cash, according to a same-day stock exchange filing.

The potential transaction would boost Kenanga Investment Bank's position in the retail broking space in the country, with a pro forma combined market share of 10% and retail market share of 25%, according to Chay Wai Leong, the company's group managing director.

Chay added that Kenanga Investment Bank plans to conclude the negotiations within the next six months.

Inter-Pacific Securities is an indirect subsidiary of investment holding company Berjaya Capital Bhd., which is in turn a unit of conglomerate Berjaya Corp. Bhd.