Kiatnakin BankPCL unit Phatra CapitalPCL agreed to sell KKTRADE Securities Co. Ltd. to Yuanta SecuritiesAsia Financial Services Ltd. for about 686.9 million baht (US$19.5 million).
The bank said April 27 that Yuanta Securities Asia will purchase49,999,998 shares in KKTRADE Securities from Bangkok-based Phatra Capital and willuse third parties to purchase the 2 remaining shares from the existing shareholdersof KKTRADE.
Subject to regulatory approval, the sale is expected to be completedwithin three months from the date of the agreement.
Once the transaction is complete, the bank and other companiesin Kiatnakin Phatra Financial Group will conduct their capital market businessesfor private clients through Phatra Securities PCL and Phatra Asset Management Co.Ltd.
Yuanta Securities Asia is a unit of Yuanta Financial Holdings Co. Ltd.
As of April 27, US$1 wasequivalent to 35.15 Thai baht.