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.
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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.
