Kenanga Investment Bank Bhd. secured approval from Malaysia's central bank for its wholly owned unit, Kenanga Investors Bhd., to acquire ECM Libra Financial Group Berhad subsidiary Libra Invest Bhd.
The deal is subject to approval of the Securities Commission Malaysia, according to a May 28 release.
In March, Kenanga Investors agreed to acquire the entire issued share capital of Libra Invest, equivalent to 6,500,000 ordinary shares, for a total cash consideration of 50.1 million ringgit. Kenanga Investors will initially pay 4.8 million ringgit, with the balance sum to be paid upon the completion of the deal.
As of May 28, US$1 was equivalent to 4.18 Malaysian ringgit.