RHB gets nod to buy rest of Vietnam securities firm

PETALING JAYA: RHB Bank Bhd’s wholly owned subsidiary RHB Investment Bank Bhd (RHB IB) has received the green light from the State Securities Commission of Vietnam (Vietnam SSC) for the proposed acquisition of the remaining 51% stake in Vietnam Securities Corp (VSEC) for VND121.63 billion (RM21.29 million) cash.
“The approval by Vietnam SSC is subject to the proposed acquisition to be completed within 90 days from the date of approval, failing which the approval shall lapse; and that VSEC shall make the necessary reporting and announcement in relation to the transaction in accordance with the relevant laws in Vietnam,” RHB said in a stock exchange filing.
The proposed acquisition will not have any effect on the issued capital and substantial shareholders’ shareholdings of RHB Bank, and it is not expected to have any material effect on the earnings and net assets of RHB Bank and its subsidiaries for the financial year ending Dec 31.
The proposed acquisition is expected to be completed by the second quarter of 2018.