Mitsubishi UFJ Securities Co., a core brokerage unit of Mitsubishi UFJ Financial Group Inc., will soon become the second-largest shareholder in Singaporean brokerage Kim Eng Holdings Ltd. with a stake of more than 14 percent, according to tender offer results released Wednesday.
MUFJ Securities said it has successfully accomplished its goal in a March 7- April 18 public tender offer for Kim Eng shares. The acquisition target of 61.56 million was already surpassed as of Tuesday.
The tender offer will continue to the planned end, and the company expects to end up with about 85.35 million Kim Eng shares, including those it held before the tender offer. The equity stake will be 14.63 percent in terms of voting rights, MUFJ said.
Only Yuanta Financial Holdings Co. of Taiwan will have a bigger stake.
Kim Eng is Singapore’s second-largest brokerage in terms of transaction volume, and ranks first on the stock exchanges in both Thailand and Indonesia, while holding third place on the stock exchange in the Philippines.