29 March 2010

News: Kenanga Investment gets green light to buy CMS unit

Kenanga Investment Bank Bhd, a subsidiary of K&N Kenanga Holdings Bhd, has received Bank Negara approval to acquire the entire equity stake in Cahya Mata Sarawak Bhd unit CMS Trust Management Bhd for RM23mil.
K&N Kenanga group director Tengku Zafrul Aziz said in a statement yesterday that the acquisition would further strengthen its position as one of Malaysia’s leading independent financial groups.

“This synergy combination between CMS Trust Management and Kenanga Fund Management will put us in a formidable position to capture opportunities in the unit trust and fund management segments.

“We are looking forward to offering our collective expertise to existing customers in both companies as well as growing new ones. We are confident our customers will benefit from the enlarged opportunities that we are now able to offer to them,” he said.

CMS Trust Management was established in 1995 and has its principal business operations in Kuala Lumpur.

Source: The Star newspaper

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