This confirms an August report by The Edge Malaysia, which said Malaysia’s CIMB may exit the venture by divesting its remaining minority stakes to CGS by year-end, leaving CGS as the sole shareholder.
CGS-CIMB Securities group CEO Carol Fong has confirmed a split between the brokerage’s parent companies, with China Galaxy Securities (CGS) assuming full control by January 2023.
Speaking to The Edge Singapore on Sept 28, Fong says a call and put option has already been put in place. “By January next year, it will be 100% owned by China Galaxy [Securities].” CGS-CIMB declined to reveal the transaction value.
