Maybank takes over 84% stake in Kim Eng Securities Thailand

Maybank’s subsidiary had no plan to delist from the Thailand’s stock exchange as a free float of 15% was still held by retail investors.

Maybank IB Holdings (MIBH), a subsidiary of the Malaysian lender Maybank, has formally acquired an 84% stake in Kim Eng Securities (Thailand) (KEST), the top local retail broker.

MIBH had earlier made a tender offer for the 44.25% stake still held by minority shareholders of KEST after acquiring a major stake in the broker's Singapore-based parent Kim Eng Holding.

The company reported it acquired shares totalling 27.99% from Thai holders, resulting in a combined stake of 83.7% of Kim Eng Holding and related groups.

Montree Sornpaisarn, the chief executive of Kim Eng Securities, said the company had no plan to delist from the SET as a free float of 15% was still held by retail investors.

''With total assets of 3.6 trillion baht, Maybank will support our business by adding more value and a greater range of services,'' said Mr Montree.

He said Maybank aimed to be a leading Asean bank by 2015. It plans to lend in Thai baht, and KEST can assist in funding. KEST is likely to start issuing bills of exchange (B/E) and property funds to raise funds.

View the full story in Bangkok Post.