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Shin Kong Financial gets approval for acquisition of MasterLink Securities stake

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Shin Kong Financial gets approval for acquisition of MasterLink Securities stake

Shin Kong Financial Holding Co. Ltd. has secured regulatory approval for its planned acquisition of the remaining stake it does not own in MasterLink Securities Corp.

Taiwan's Financial Supervisory Commission on Aug. 10 approved Shin Kong Financial's plan to acquire the stake via a share swap. The company also secured shareholder approval for the deal, as well as approval from the Fair Trade Commission.

The share swap effective date is set as Oct. 1.

Shin Kong Financial, which already owns a 33.45% stake in MasterLink Securities, is looking to make the brokerage a wholly owned subsidiary via the deal. Under the share swap agreement, Shin Kong Financial will exchange 0.96 newly-issued company share for every one MasterLink Securities share.