OCBC Acquires Malaysian Asset Manager

Following the acquisition, Horizon Asset Management is now a wholly-owned subsidiary of OCBC Bank through Kim Limited.

OCBC Bank subsidiary Kim Limited has bought the remaining 51 percent of shares in the Malaysian asset manager for RM2.55 million ($630 million) from Sharosu Assets, according to a bourse filing on Thursday.

The consideration, which was determined based on the mutually agreed price of RM1 per share, will be paid in cash, the announcement said. The audited net tangible asset value represented by the proposed acquisition as at Dec 31, 2019, was about RM420,000.

The bank said the acquisition is not expected to have any material impact on the net tangible assets or earnings per share of OCBC Group for the financial year ending 31 December 2021.