KGI Asia (Holdings), a brokerage unit of Taiwan-based China Development Financial Holding and part of KGI Securities Co, is planning to acquire Singapore-based stockbroker AmFraser Securities for S$38 million from AmInvestment Bank Group.
The acquisition will expand KGI Asia’s presence in Singapore and will grow its client network to South-east Asia, Greater China, India and the Middle East.
Go deeper with GlobalData
Additionally, the deal will offer KGI access to AmFraser’s existing clients and trading platforms in Singapore and Hong Kong.
Subject to relevant regulatory approval, the acquisition of AmFraser is expected to be completed by end January 2015.
The deal marks as KGI Asia (Holdings) second acquisition in Singapore this year. KGI has been actively expanding overseas.
Earlier this year, KGI Securities has acquired local futures broker Ong First Tradition for US$50 million, which was later renamed KGI Ong Capital.
