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RHB Investment Bank pushes back deadline for Vietnam Securities deal completion

RHB Bank Bhd. unit RHB Investment Bank Bhd. has agreed to extend the deadline to acquire the 51% of Vietnam Securities Corp. shares it does not already own.

The Malaysian bank agreed with shareholders selling the 51% stake, or 6,885,000 shares, to push back the completion of conditions date to Dec. 31, according to an Aug. 8 filing. The transaction was previously expected to be competed by the second quarter.

The shareholders are Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker JSC.

In February, RHB Investment Bank proposed to buy shares in Vietnam Securities for 121.63 billion dong in cash. Upon deal completion, Vietnam Securities will become a wholly owned unit of RHB Investment Bank.

As of Aug. 8, US$1 was equivalent to 23,285.00 Vietnamese dong.