SINGAPORE (Sept 28): CGS-CIMB Securities group CEO Carol Fong has confirmed a split between the brokerage’s parent companies, with China Galaxy Securities (CGS) assuming full control by January 2023.
Speaking to The Edge Singapore on Wednesday (Sept 28), Fong said a call and put option has already been put in place. “By January next year, it will be 100% owned by China Galaxy [Securities].” CGS-CIMB declined to reveal the transaction value.
This confirms an August report by The Edge Malaysia weekly, which said Malaysia’s CIMB may exit the venture by divesting its remaining minority stakes to CGS by year-end, leaving CGS as the sole shareholder.
That said, both parties will continue to...(click on link for full story on theedgesingapore.com)
CIMB to exit its stockbroking JV with CGS?