CIMB Group Holdings Bhd’s wholly-owned subsidiary CIMB Investment Bank Bhd has received approval from the Vietnam Securities Commission for its subscription of equity interest in Vinashin Shipbuilding Finance Co Securities LLC (VFC Securities).
In a filing with Bursa Malaysia yesterday, CIMB said VFC Securities would be renamed CIMB Vinashin Securities LLC with immediate effect.
Last year, CIMB Investment and Vietnam Shipbuilding Finance Co (VFC) entered into a shareholders’ agreement to regulate their respective rights and obligations as shareholders of CIMB Vinashin Securities.
Under the terms of the agreement, CIMB Investment will subscribe for an initial equity interest of 10% in VFC Securities for 34 billion dong (about RM6.7mil), and has the option to increase its shareholding to 40% for a total capital contribution of up to 200 billion dong (about RM39.2mil).
CIMB unit gets Vietnam’s nod
CIMB Investment Bank has received approval from the Vietnam Securities Commission for its subscription of equity interest in Vinashin Shipbuilding Finance Co Securities LLC.
Source: The Star