BJCORP ... Aug10

It confirmed it is currently in talks with Singapore-based Kim Eng Holdings Ltd for the latter to take up a strategic investment in its stockbroking arm, Inter-Pacific Securities Sdn Bhd (Inter-Pac).

The diversified group said a detailed announcement would be made once the terms of the proposal have been agreed on.

Kim Eng made a similar announcement to the Singapore Exchange with a strategic investment in Inter-Pac may or may not proceed.

It was reported that the deal would be in the form of cash plus a share swap, with a premium to be paid for the stockbroking licence. Nonetheless, details of the pricing are not known.

The divestment would enable BCorp to tap into Kim Eng, which has a solid reputation in the stockbroking business. The Singaporean broker, on the other hand, would be able to build its clientele in Malaysia.