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NewsM&A Affin buys HwangDBS’s IB, assets for RM1.36b billion
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M&A Affin buys HwangDBS’s IB, assets for RM1.36b billion
by Cals Wed 22 Jan 2014, 19:17
| M&A Affin buys HwangDBS’s IB, assets for RM1.36b billion |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Wednesday, 22 January 2014 17:55 |
KUALA LUMPUR (Jan 22): Affin Holdings Bhd announced today, that it has signed a sales and purchase agreement to acquire HwangDBS Investment Bank Berhad and its assets for RM1.36 billion.
The purchase consideration for 100 % of Hwang’s investment banking is RM1.08 billion, and this implies a 1.28 times Hwang's book value of RM849.26 million.
The other assets acquired were 70 % Hwang Investment Management Berhad and 49% of Asian Islamic Management Sdn Bhd, for a total of RM262 million.
In addition, HDM Futures was also purchased for RM13 million, that implies a 1.03 times HDM Futures’ book value of RM 12.59 million.
"The proposed acquisitions will transform Affin's investment banking franchise, adding a suite of complementary strengths and capabilities to drive its strategic plan to become the leading independent investment bank in Malaysia," said Puan Maimoonah Hussain, managing director of Affin Investment Bank.
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