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OCBC acquires remaining 51% stake in Horizon Asset Management for RM2.6 mil

Felicia TanThu, Feb 18, 2021 • 07:11 PM GMT+08 • 1 min read

OCBC acquires remaining 51% stake in Horizon Asset Management for RM2.6 mil

Horizon, following the acquisition, is now a wholly-owned subsidiary of OCBC Bank through KIM Limited.

KIM Limited, the wholly-owned subsidiary of Oversea-Chinese Banking Corporation has acquired the remaining 51% stake in Horizon Asset Management from Sharosu Assets for a consideration of RM2.55 million ($838,176) on Feb 18.

The consideration, which was determined based on the mutually agreed price of RM1 per share, will be paid in cash.

The audited net tangible asset (NTA) value represented by the proposed acquisition as at Dec 31, 2019, was about RM420,000.

Horizon, following the acquisition, is now a wholly-owned subsidiary of OCBC Bank through KIM Limited.

Shares in OCBC closed flat at $10.65 on Feb 18.

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OCBC acquires remaining 51% stake in Horizon Asset Management for RM2.6 mil

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