Malaysian buys RI brokerage<\/p>\n
KUALA LUMPUR (AFP): Malaysia's largest brokerage, Rashid
\nHussain Bhd., has bought an 85-percent stake in the Indonesian
\nstockbroker PT Seruni Tunggal, amid rising local interest in
\nIndonesia's financial sector, officials said yesterday.<\/p>\n
Rashid Hussain's wholly-owned subsidiary, RHB Capital (Jersey)
\nLtd., bought the stake from Singapore's Partners Worldwide and
\nAssociates Pte. Ltd. for Rp 1.748 million (about US$800,000), the
\nMalaysian firm told the Kuala Lumpur Stock Exchange.<\/p>\n
Indonesian-based PT Sekarbuana Kerasi holds the remaining 15
\npercent of Seruni Tunggal, which is a member of the Jakarta Stock
\nExchange, Surabaya Stock Exchange and the parallel or over-the-
\ncounter market.<\/p>\n
Rashid Hussain is listed on the Kuala Lumpur Stock Exchange.<\/p>\n
On Monday, another securities firm, Arab-Malaysia Holdings
\nSdn. Bhd. acquired a 60-percent stake in PT Multidana Sekurindo,
\na stockbroking firm in Indonesia, through an injection of Rp 6.6
\nbillion ($3 million) in fresh funds.<\/p>\n
Multidana, incorporated in 1989 and now a member of the
\nJakarta Stock Exchange, was previously wholly-owned by a former
\nsenior executive director of the Dharmala Group who now owns 20
\npercent in the firm.<\/p>\n
Another 20 percent stake in Multidana had been acquired by
\nLibra Capital Asia Ltd. of Hong Kong through an injection of
\nabout Rp 2 billion in fresh capital.<\/p>\n
With the takeover, Multidana's name will be changed to PT AMMB
\nSecurities to represent Arab-Malaysia Securities' majority
\nparticipation.<\/p>\n
In June last year, a Malaysian firm, Waterfront group, headed
\nby Chua Mah Yu, a former partner in Rashid Hussain, had linked up
\nwith Indonesia's PT Paramount Securities to form Waterfront
\nSecurities Indonesia.<\/p>\n
Waterfront bought an 85 percent interest in Waterfront
\nSecurities Indonesia.<\/p>\n
The linkages were formed following a bilateral pact singed in
\nJanuary last year for more cooperation in the banking and
\nfinancial services sector.<\/p>",
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