KUALA LUMPUR: RHB Bank Bhd has obtained approval from the State Securities Commission of Vietnam (Vietnam SSC) for its proposed acquisition of the remaining 51 per cent stake in Vietnam Securities Corp (VSEC) for RM21.28 million.
In an exchange filing today, RHB Bank said VSEC had on October 18 received a letter from Vietnam SSC granting its approval for the proposed acquisition.
The approval is subject to the proposed acquisition being completed within 90 days from the date of approval.
RHB Bank’s subsidiary RHB Investment Bank Bhd had on February 9 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 acquisition.
The 51 per cent stake comprises 6.88 million existing common shares for 121.63 billion dong or RM21.28 million in cash.
Upon completion of the proposed acquisition and subject to approval from Vietnam SSC for the conversion, RHB Bank said VSEC will become a wholly-owned subsidiary of RHB Investment.
RHB Bank said VSEC would make the necessary reporting and announcement in relation to the transaction in accordance with the relevant laws in Vietnam.