Remisier kings
The cousins who have taken over Peter Lim’s throne View PDF
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The cash purchase, which would make AmFraser Securities a wholly-owned unit of KGI Asia (Holdings) Pte Ltd, will be for an estimated SGD38 million (Singapore dollars), ($30.38 million), a statement from China Development Financial Holding said.
KGI Asia is part of Taiwan's KGI Securities Co Ltd, a unit of China Development Financial.
AmFraser Securities is part of the AmInvestment Bank Group, a Malaysian investment banking group. The Singapore-based brokerage engages in stockbroking, online and mobile trading, margin financing facility, equity research and corporate finance and advisory services.
The KGI deal comes after the group purchased Singapore futures brokerage Ong First Tradition Pte Securities Co Ltd earlier this year, which was subsequently renamed KGI Ong Capital Pte Ltd.