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Published: Friday September 21, 2012 MYT 4:39:00 PM
Kenanga sees 25m shares crossed at 85 sen each
By Joseph Chin
KUALA LUMPUR: K&N Kenanga Holdings Bhd's 25 million shares were transacted in an off-market deal on Friday at 85 sen each.
Stock market data showed the shares accounted for about 4.08% of its shares. At 85 sen, this was 30.7% or 20 sen above Thursday's closing price of 65 sen.
At 4.19pm, the shares were up 0.5 sen to 65.5 sen.
In August, K&N Kenanga and ECM Libra Financial Group Bhd have both received their shareholders' nod for the proposed merger of their investment banking businesses.
K&N Kenanga, via its unit Kenanga Investment Bank Bhd (Kenanga IB), is acquiring ECM Libra Investment Bank Bhd for RM875.1mil.
Kenanga Investment Bank is set to become Malaysia's largest independent investment bank and one of the country's top three brokerage houses with the largest remisier network.
The acquisition is expected to be completed in the fourth quarter of 2012.
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