Taiwan's Yuanta Securities Asia Financial Services is rebuilding its securities business in Thailand with the acquisition of KKTrade Securities.
Kiatnakin Bank reported today that its subsidiary, Phatra Capital, reached a deal with Yuanta for the sale of all shares in KKTrade for approximately Bt686.9 million.
The bank noted that the sale would be completed upon regulatory approval. It is yet to win the approval from the Securities and Exchange Commission for Yuanta's holding above 10 per cent in KKTrade as well as approval for Yuanta's representatives to be KKTrade's new directors.
Meanwhile, Yuanta needs to obtain approval from the
Financial Supervisory Commission of Taiwan for the purchase.
The bank expects such sale and purchase of shares will be completed within 3 months, it said in a filing to the Stock Exchange of Thailand.
Yuanta departed the Thai securities business scene three years ago, after selling its business in Thailand to Maybank Kim Eng Securities (Thailand). Under the agreement, it agreed to suspend its role here for three years.