State Securities Of Vietnam Approves RHB Securities Sale To Public Bank

The State Securities of Vietnam has granted approval for the sale of RHB Bank Vietnam unit to Public Bank in a deal worth RM72.55 million.

The owner banks were notified by the SSCV on 5th June with clauses stating that the proposed disposal must be completed within 6 months from the date of the Approval, failing which the Approval shall lapse; and that RHB SVN to implement the reporting and publication regime in accordance with the applicable regulation.

Back in February, Public Bank Berhad announced that its Vietnam unit had entered into a sale and purchase agreement with RHB Investment Bank Berhad for the proposed acquisition of RHB Securities Vietnam for a cash consideration of VND374.00
billion (equivalent to RM72.55 million. Upon completion of the Proposed Acquisition, the Target Company will become a wholly owned subsidiary of PBVN.

The Target Company is a single-member limited liability company incorporated in Vietnam under the name of Vietnam Securities Corporation. It assumed its present name of RHBSVN on 29 January 2019 after RHBIB became the sole owner of the Target Company.

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