Foreigners eye local securities firms
Malaysian and Singaporean investors are looking to increase their market penetration by moving to acquire Thai securities houses ahead of Asean Linkage and the implementation of the Asean Economic Community.
Small- and medium-sized brokerages reportedly want to postpone the start of trading through Asean Linkage as they are not thoroughly prepared yet. The Stock Exchange of Thailand (SET) and the Federation of Thai Capital Market Organisations (FeTCO) insist on launching Asean Linkage as scheduled.
An anonymous source from the brokerage industry said last week that securities companies seeking allies and mergers continue to be seen. This is becoming particularly apparent as the start of trading through Asean Linkage in August grows closer. Groups of investors from Singapore and Malaysia still need to purchase Thai securities operations for overseas expansion. Currently, several companies are in negotiations.
Companies that are making much progress towards an acquisition deal include UOB Kayhian of Singapore and Finansia Syrus Securities. The targets are securities firms with no foreign investors as major shareholders and that do not have commercial banks as parent companies, the anonymous source said.
The brokerages with Malaysian…
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Sunday, 9 March 2014
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