Deals
Maybank Makes $1.4 Billion Bid for Singapore’s Kim Eng
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Malayan Banking Bhd., Malaysia’s biggest lender by assets, offered to buy Singaporean brokerage Kim Eng Holdings Ltd. in a deal valued at S$1.79 billion ($1.4 billion), accelerating its expansion in Southeast Asia.
Maybank, as the Kuala Lumpur-based company is known, agreed to buy a 44.6 percent stake in Kim Eng from Taiwan’s Yuanta Securities Asia Financial Services Ltd. and Kim Eng Chairman Ronald Anthony Ooi Thean Yat at S$3.10 a share, the companies said in separate statements today. That’s a 36 percent premium to the stock’s average price over the past 20 days.