RHB Bank to buy remaining 51% stake in Vietnam Securities Corp for RM21.3m

PETALING JAYA: RHB Bank Bhd is planning to buy the remaining 51% equity interest in Vietnam Securities Corp (VSEC) for RM21.3 million (US$5.365 million) cash.
In Bursa Malaysia filing, RHB Bank said its wholly owned unit RHB Investment Bank has entered into a conditional share purchase agreement with Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker Joint Stock Company for the proposed acquisition.
However, it said the proposed acquisition is subject to the approvals of Bank Negara Malaysia (BNM) and State Securities Commission of Vietnam (Vietnam SSC).
With the signing of the agreement, RHB Bank will submit an application to BNM and Vietnam SSC for the approval of the proposed acquisition and the conversion of the status of VSEC from a joint stock company into a single-member limited liability company.
Upon completion of the proposed acquisition, VSEC will become a wholly owned subsidiary of RHB Bank.
The proposed acquisition is expected to be completed by the second quarter of 2018.
RHB Bank's share price fell four sen or 0.77% to RM5.17 with 2.48 million shares traded.