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Kenanga Investment Bank, Rakuten Securities to cooperate on online brokerage services

K & NKenanga Holdings Bhd. said April 8 that unit enteredinto a subscription agreement and joint venture agreement with RakutenSecurities Inc. and EB Global JV Sdn. Bhd. to collaborate in providing onlinebrokerage services through EB Global.

Under the subscription agreement, EB Global increased itsshare capital to 2 million new ordinary shares after issuing 1,999,998 new ordinaryshares. Following the issuance, Kenanga Investment Bank's stake in EB Globalfell to 50% from 100%.

Each of Kenanga Investment Bank and Rakuten Securities willhold a 50% stake in EB Global.

As a result, EB Global ceased to be a subsidiary of KenangaInvestment Bank and an indirect subsidiary of K & N Kenanga.